France and Germany have agreed to create a working group tasked with resolving the European economic crisis.

The finance ministers of the two countries held a meeting in Berlin and agreed on the formation of the working group for the survival and stability of the euro zone.

The working group will monitor if economic crisis-stricken countries such as Greece and Spain are adhering to austerity pledges they made to receive rescue funds. The group will also seek solutions to structural problems, such as the merger of banks.