France and Germany, Europe’s two central powers, clashed today over whether the European Central Bank (ECB) should intervene to halt the euro zone’s accelerating debt crisis as modest bond purchases failed to stop the rout, Reuters reported.

Facing rising borrowing costs as its AAA credit rating comes under threat, France appeared to plead for stronger ECB action, adding to mounting global pressure spelled out by President Barack Obama.

“The ECB’s role is to ensure the stability of the euro, but also the financial stability of Europe,” French spokeswoman Valerie Pecresse said after a Cabinet meeting in Paris. “We trust that the ECB will take the necessary measures to ensure financial stability in Europe.”

Bond market contagion is spreading across Europe. Italian 10-year bond yields have risen above 7 percent, unaffordable in the long term. Yields on bonds issued by France, the Netherlands and Austria — which along with Germany form the core of the euro zone — have also climbed.

ECB policy makers continue to reject international calls to intervene decisively as Europe’s lender of last resort, stressing it is up to governments to resolve the debt crisis through austerity measures and reforms.

German Chancellor Angela Merkel made it clear that Berlin would resist pressure for the central bank to take a bigger role in resolving the debt crisis, saying European Union rules prohibited such action.