EU summit important step but others must follow: Merkel

18th October 2011, Comments 0 comments

German Chancellor Angela Merkel said Tuesday this weekend's EU summit was an important step but that more would be needed to stem the long-term debt crisis threatening the global economy.

The summit in Brussels will aim to overcome the eurozone sovereign debt crisis, she told reporters in Berlin. But "this debt has been accumulated over years and that is why this cannot be resolved during one summit," she said.

"Next Sunday's EU summit will mark an important step. But more steps will then follow as the aim is to overcome a debt crisis of states" that has built up over decades, she told a news conference.

Such a crisis "cannot be ended with just one summit," but will require "hard work over the long term," she said.

On Sunday "we shall take important and adequate decisions which will be followed by other decisions" in the future, she added.

Her spokesman, Steffan Seibert, on Monday warned that the package of measures to be discussed by European leaders in Brussels would not immediately resolve all outstanding problems related to the current euro crisis.

"Dreams that everything will be resolved and dealt with by next Monday cannot be fulfilled," he said.

Merkel also said EU leaders would make use of the summit to "clearly back the euro" which has recently come under attack in the financial markets.

She spoke at a press conference held jointly with the president of Uruguay, Jose Mujica, here on a state visit.

Both leaders stressed that relations between the European Union and Mercosur, the economic free trade zone uniting Argentina, Brazil, Paraguay and Uruguay, were "strategically important" for both regions.

Merkel said she would further discuss closer cooperation with Mercosur at the G20 summit in Cannes, France, on November 3-4.>

© 2011 AFP

0 Comments To This Article