European leaders (must) band together to save the euro this week, the leaders of the eurozone's two biggest economies said Thursday, even as the head of the European Central Bank was warning of more bad economic times ahead.

Failure to reach an agreement at (a summit) in Brussels, Belgium, is a "luxury we cannot afford," French President Nicolas Sarkozy said.

"This is our duty. We have no other choice," he said, warning that the European Union would not get a second chance.

German Chancellor Angela Merkel said countries( had to) put their "national egotisms" aside and find a joint solution to the continent's debt crisis.

The national debts of euro members, (including) Ireland and Greece, have pushed the common currency to the brink of collapse, forcing international lenders to swoop in with bailouts.