Leaders of Germany and France are seeking a new treaty that would call for punishment if countries use the euro and violate spending limits.

German Chancellor Angela Merkel and French President Nicolas Sarkozy both favor the change.  Both said their proposals will be in detail in Wednesday.

The leaders also want the participation of private sector creditors, but limited only to Greece, according the Wall Street Journal.

USA Today reported the potential changes could take months, but investors viewed it as a key step to help the euro.

Our wish is to go on a forced march toward re-establishing confidence in the eurozone," French President Nicolas Sarkozy said at a press conference alongside German Chancellor Angela Merkel. "We don't have time. We are conscious of the gravity of the situation and of the responsibility that rests on our shoulders.

Some are calling the plan a long shot and don't agree. USA Today quoted German lawmaker Frank Schaeffler:

I think the approach is wrong," German lawmaker Frank Schaeffler said. "The German people will have to vote if there's a new treaty, and there simply won't be a majority. The people have the feeling that they're paying for other (European) countries' debt, and the majority of Germans don't support that.

View the story "Thoughts on the Treaty" on Storify]