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| Merkel says Germany cannot save eurozone on its own | Merkel says Germany cannot save eurozone on its own |
| (40 minutes later) | |
| World leaders should not "overestimate" Germany's ability to resolve the eurozone debt crisis, Chancellor Angela Merkel has said. | World leaders should not "overestimate" Germany's ability to resolve the eurozone debt crisis, Chancellor Angela Merkel has said. |
| She told Germany's parliament that the country's options for rescuing the eurozone were "not unlimited". | She told Germany's parliament that the country's options for rescuing the eurozone were "not unlimited". |
| Mrs Merkel called for more regulatory powers for the European Central Bank, and repeated that growth should not be financed by more debt. | Mrs Merkel called for more regulatory powers for the European Central Bank, and repeated that growth should not be financed by more debt. |
| Her speech came ahead of a meeting of G20 nations in Mexico this weekend. | Her speech came ahead of a meeting of G20 nations in Mexico this weekend. |
| Germany has been central in driving changes within the eurozone and backing the financial support given to debt-laden nations. | |
| But, referring to the G20 meeting, she said: "I say to them Germany is strong, Germany is an engine of economic growth and a stability anchor in Europe... but Germany's powers are not unlimited." | |
| She expected the debt crisis to be the main issue at the summit. "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," Mrs Merkel said. | She expected the debt crisis to be the main issue at the summit. "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," Mrs Merkel said. |
| But Europe would only find a way out of the crisis with a strong "political union" that mandated greater fiscal co-ordination and oversight to put member countries on a "solid foundation", she said. | But Europe would only find a way out of the crisis with a strong "political union" that mandated greater fiscal co-ordination and oversight to put member countries on a "solid foundation", she said. |
| Mrs Merkel has resisted calls that austerity measures in the eurozone should be relaxed in the hope that it would boost growth. "We must all resist the temptation to finance growth again through new debt," she said. | Mrs Merkel has resisted calls that austerity measures in the eurozone should be relaxed in the hope that it would boost growth. "We must all resist the temptation to finance growth again through new debt," she said. |
| She also called for the European Central Bank to play a "bigger role" in overseeing banks to avert further turmoil in the industry. | |
| 'Misguided' | |
| "We need a more independent supervisory authority," she said in an apparent criticism of the European Banking Authority. | |
| Berlin has said the current system is too dependent on national regulators and, in particular, under-estimated Spain's banking problems. | |
| "The EBA conducted stress tests on all European banks a year ago, and the national oversight bodies were very involved," Mr Merkel said. | |
| "We are now seeing the result. Spanish banks are in quite a different situation than the tests appeared to show." | |
| She said that national banking authorities, on which the EBA relied for its information, had provided results that were as positive as possible "out of misguided national pride". |