Merkel: Control, not bonds, will save euro French President Francois Hollande (L) bumps into German Chancellor Angela Merkel as NATO heads of state walk off the stage following a group photo before a dinner at Soldier Field during the 2012 NATO Summit on May 20, 2012 in Chicago. Later Wednesday, in a speech before the German Parliament, Merkel said, "Control and liability must not be disproportionate to one another. Common sharing of debt can only take place when sufficient control has been established. In Madrid, Prime Minister Mariano Rajoy said there was little time left before the EU must act. "We cannot finance at current prices for too long," he said. Yields on benchmark Spanish 10-year bonds, which are used to set rates on other loans, yielded 6.8 percent Wednesday, while comparable Italian bonds yielded 6.2 percent. The yields represent the costs of government borrowing. Yields near 7 percent are considered by many to be unsustainable. The EU summit, which begins Thursday, is the first meeting of European leaders since pro-bailout parties in Greece won parliamentary elections June 17.