The leaders of Germany and France will meet in Paris on Tuesday to discuss the debt crisis sweeping the 17-nation eurozone.

German Chancellor Angela Merkel and French President Nicolas Sarkozy are expected to discuss ways to improve economic governance in an effort to convince investors that European governments are doing enough to contain the crisis.

However, Chancellor Merkel and President Sarkozy say they do not plan to discuss proposals for collectively issued “Eurobonds” as part of the solution.

Some have called for the eurozone to adopt the jointly guaranteed bonds in order to ensure affordable financing for Europe's most financially distressed countries.

Critics of eurobonds worry that such a step would reduce the incentive for weaker eurozone economies like Greece to reform their economies, and that the shared interest burdens would punish financially sound countries.

The meeting comes one day after the European Central Bank announced it spent almost $32 billion on government debt last week to prop up the bond markets of Spain and Italy.

With Europe continuing to seek measures to satisfy the financial markets, the European Central Bank has been taking a more central position in dealing with the crisis, which has already led to massive bailouts for Greece, Ireland and Portugal.