Page last updated at 16:34 GMT, Wednesday, 7 November 2012

Debate with Angela Merkel

German Chancellor Angela Merkel has urged MEPs to give their full backing to the euro, arguing "it is more than just a currency, it is a symbol of European unity, freedom and progress".

Speaking to a special session of the European Parliament on 7 November 2012, she declared: "We will win together."

She spoke following the decision by EU leaders to set up a single eurozone banking supervisor, a major step towards a banking union.

However Mrs Merkel added that "money isn't everything", urging her fellow EU leaders to go further in developing the single market.

Liberal group leader Guy Verhofstadt accused Mrs Merkel of not going far enough.

"We need a real European state with all the building blocks that the United States put in place two hundred years ago. We need a true European government, a true European democracy, and a real European budget."

Meanwhile Ukip leader Nigel Farage told the Chancellor to tell David Cameron that the UK should leave the EU.

Mrs Merkel's address to the European Parliament came on the same day that she was due to meet the British prime minister to discuss the EU's budget.

"If you said it, it might make more of an impact," claimed Mr Farage, saying the UK needed an "amicable divorce" from the union.

Mrs Merkel has been Chancellor since 2005, and currently leads a coalition with the liberal Free Democrat Party.

The next German federal elections are scheduled to take place in September or October 2013.

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