Don't overestimate Germany as euro crisis fighter: Merkel | business | Hindustan Times
Today in New Delhi, India
Apr 24, 2017-Monday
New Delhi
  • Humidity
  • Wind

Don't overestimate Germany as euro crisis fighter: Merkel

business Updated: Jun 14, 2012 15:07 IST

German Chancellor Angela Merkel said on Thursday that the eurozone crisis would dominate next week's G20 summit but warned world leaders that her powers to act were limited.

In a speech to lawmakers ahead of the meeting of G20 leaders in Los Cabos, Mexico on June 18-19, Merkel warned that Europe could not take the easy way out with solutions based on "mediocrity" that failed to address core problems.

"All those looking to Germany again in these days in Los Cabos, who are expecting a drumroll and the answer... I say to them Germany is strong, Germany is an engine of economic growth and a stability anchor in Europe," Merkel said.

"But Germany's powers are not unlimited," she said, cautioning against "overestimating" her country's role as the sole crisis-fighter.

Merkel acknowledged that Germany found itself at centre stage as world leaders fret about the incalculable impact of the eurozone debt crisis on the global economy.

"The debt crisis will be the main issue at the summit," Merkel said.

"Our country will be the centre of attention – it's a fact, all eyes are on Germany because we are the biggest European economy and a major exporter."

But Europe would only find a way out of the crisis with a strong "political union" that mandated greater fiscal coordination and oversight to put member countries on a "solid foundation", she said.