German Chancellor Angela Merkel, left, France's President Nicolas Sarkozy, center, and Italy's Prime Minister Mario Monti, right, during a press conference in Strasbourg, eastern France, Thursday, Nov 24, 2011. The leaders of Germany, France and Italy are set for debate on the European Central Bank's role in the region's debt crisis and on how to align eurozone economic policies.

All eyes in the financial community are currently on Strasbourg, France where leaders of the eurozone's three largest economies are meeting to discuss how to tackle the worsening debt crisis.

Markets are anxiously awaiting developments - to see whether French President Nicolas Sarkozy, German Chancellor Angela Merkel and newly-appointed Italian Prime Minister Mario Monti can resolve their differences.

The talks were taken on new urgency after Wednesday's weak auction of German 10-year bonds.

By meeting with Merkel and Sarkozy one day after talks with EU leaders in Brussels, Monti hopes to regain some of Rome's influence. France is pressing Germany to relax its opposition to authorizing the ECB to declare itself Europe's lender of last resort.

Together the three leaders are seeking ways to "accelerate" the 17-nation bloc's bid to calm bond markets by undertaking reforms of its financial governance, as the crisis threatens to spread to large eurozone countries like Spain even France.