Merkel has no wiggle room on the issue of Eurobonds that are so popular with the French, the Italians, the Spanish, and everybody else in the Euro Zone. The two other parties in her coalition are totally opposed to them.
Nor do the Germans and Merkel want the ECB to become the banker of last resort. Not only does this violate the treaties, it reminds the Germans of the hyper-inflation of the 1920's. This was one of the causes behind the rise of the Third Reich.