Euro zone countries are working on a “comprehensive package” to solve the bloc’s debt crisis, which could be approved by February or March, German Finance Minister Wolfgang Schaeuble said Wednesday.

“We can’t just solve the problems over the short term — if there are short-term problems — but also over the mid-term,” Schaeuble told reporters, adding that euro zone states were trying to reach agreement on a “comprehensive package.”

He said he did not expect an agreement at Monday’s meeting of euro zone finance ministers but said a deal could be reached at one of the upcoming European Union summits in February or March.

He did not say whether the package would involve an increase in the volume of a rescue fund set up in May to protect the currency, though the European Commission has been pressing for this.

Germany had held discussions about the package with France, Italy and International Monetary Fund Managing Director Dominique Strauss-Kahn, Schaeuble said.

Angela Merkel’s spokesman Steffen Seibert said the German chancellor had met Strauss-Kahn in Berlin on Wednesday.

“No decisions were made about future measures,” he said.

Schaeuble also noted that Portugal’s successful debt auction on Wednesday was a positive bit of news for the bloc.

“It’s an encouraging sign that the Portuguese bonds were sold better than many people had feared,” he said.

Portugal is seen as the next euro zone candidate that will need a bailout but passed a key market test on Wednesday selling a benchmark 10-year bond at a lower yield than in the previous auction and drawing strong demand.