Angela Merkel and Nicolas Sarkozy are considering the establishment of a Stability and Growth limited to a few countries in the euro area, the Welt am Sonntag reported on Sunday.
A new deal would avoid waiting for a treaty reform could drag on, the newspaper quoted German government sources.
German Chancellor and French President could unveil the next week this proposal as part of a plan against the debt crisis.
"Based on these measures," the newspaper, "there should be a majority in the European Central Bank for a more strong capital markets.