FRANKFURT, Dec 7 (Reuters) - - European Central Bank Executive Board member Juergen Stark backs German Chancellor Angela Merkel in her stance against a common European government bond, he told Sueddeutsche Zeitung paper on Tuesday.
"Each country needs to be held responsible for its own debt," he told the paper, adding that a reliable control mechanism and stability package were paramount in countering debt.
"We are not experiencing a currency crisis, but a crisis of state financing," Stark said.
He expects heads of states in the European Union to reconsider their approach to a stable currency union.
"What we have heard so far cannot be the last word," Stark told the paper.
Later on Tuesday, European Union finance ministers are due to meet to discuss the EU economy with markets expected to react nervously to Monday's decision by euro zone ministers to take no new steps to quell the debt crisis.
Jean-Claude Juncker, the chairman of the Eurogroup countries, said that the idea of euro zone bonds had not been raised at a finance ministers' meeting on Monday and the EU debt crisis fund had enough resources to weather the threat of contagion. [ID:nLDE6B40EJ]
After a five-hour meeting, the 16 euro zone ministers said they would be taking no new measures to tackle the contagion, saying the existing emergency fund was sufficiently big and that the proposal for euro-zone bonds had not even been broached.
Ministers had focused their discussions on Spain and Portugal and spoke to the managing director of the International Monetary Fund, Dominique Strauss-Kahn, on the general economic situation in Europe, Juncker said. (Reporting by Josie Cox; Editing by Neil Fullick)