Earlier this month, a meeting of the G20 saw world leaders disagree about whether such a levy should be implemented.
But there is still support in many quarters for the introduction of regulations which would involve banks paying into a fund that could be used to prevent future taxpayer bailouts.
In a joint statement, Ms Merkel and Mr Sarkozy said they would call for the measures to be implemented at the forthcoming G20 meeting in Toronto, which is to get underway on June 26th 2010, reports BBC News.
"We are not yet satisfied with what's been achieved since the first G20 and we think we need to forge ahead on regulation," said the German chancellor.
Last week, Michel Barnier, internal market commissioner for the European Union, said that member states want to persist with the introduction of the banking levy even if a global consensus is not reached, reported the Financial Times.
By Claire Archer