(MENAFN- Kuwait News Agency (KUNA)) German Chancellor Angela Merkel said on Wednesday that there is no quick or easy solution to the eurozone debt crisis.
Merkel told the German Parliament ahead of a European Union summit that there is no "magic formula" that will make the crisis go away fast.
Merkel insists that Europe must tackle its problems at the roots, which she says are a lack of competitiveness and high debts in a step-by-step process.
She says any other approach is condemned to failure.
The German leader is holding out against mounting pressure for her country to give up its resistance to pooling debt, for example by agreeing to jointly issued government bonds, or eurobonds.
Earlier, the head of Germany's central bank warned that a hasty move to pool European countries' debt could endanger the continent's currency union.
Germany faces increasing pressure to relent on its resistance to jointly issued eurobonds and other forms of debt-pooling ahead of a European Union summit Thursday.
But Chancellor Angela Merkel is standing firm, arguing it makes no sense to share liability for debt before Europe has undergone a long process of integration.
Berlin worries about being liable for others' debts without being able to ensure that they push through economic reforms, and Merkel stressing on maintaining an austerity plan measures in effected countries.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.