Published June 15, 2012
BERLIN – German Chancellor Angela Merkel has underlined her determination to reject pressure for quick solutions at the Group of 20 summit, saying Europe must tackle its problems "at the roots" by lowering debt and increasing economic competitiveness.
Merkel said Friday that fueling growth through more government spending "will rather increase the problems than decrease them."
Speaking at a conference of a group representing family-owned companies, she acknowledged that Germany — Europe's biggest economy — will be a focus of attention at next week's G-20 summit of world leaders in Mexico.
Merkel said: "Germany will not be convinced by all the quick solutions," such as jointly issued eurobonds — favored by French President Francois Hollande. She insisted "you can only resolve a crisis of confidence if you tackle things at the roots."