European leaders held a special summit in Brussels Wednesday to discuss ways to resolve Europe’s financial troubles.

Countries that are facing a financial crisis, including Italy, are actively seeking joint euro zone bonds, but Germany is opposed to the proposal over concerns that the move would be a step backward in implementing retrenchment policies.

Amid wide differences of opinion among euro zone leaders, European stock prices plunged and the euro fell sharply against the U.S. dollar.

In addition, prospects that the euro zone’s financial turmoil could worsen have emerged as euro zone finance ministry officials were reportedly urged in a conference call to come up with contingency plans for all eventualities, including Greece’s exit from the euro zone.