German Chancellor Angela Merkel said Thursday that Europe's debt crisis would dominate next week's summit of Group of 20 leading economies in Mexico.
In an address to parliament ahead of the two-day summit, Merkel
defended her approach to the crisis and said the upheaval in the
eurozone "will overshadow all other topics".
She said a strengthening of economic growth must go hand-in-hand
with budget consolidation. "We must all resist the temptation to
finance growth again through new debt," she told lawmakers.
She also defended her much criticized "step-by-step" approach to
the financial upheaval in Europe with many analysts and observers
saying more bold action is needed rather than the cautious moves
followed by Merkel.
In her speech Merkel also laid out her government stance on the
euro debt crisis insisting that since the G20's last summit in Cannes
in 2011 considerable steps had been taken to resolve the crisis.
Created in 2008 as the world financial crisis was taking hold, the
G20 has emerged as the central forum for addressing world problems.
Along with the world's major industrial powers such as the US,
Japan and France, the G20 also includes the leading emerging
economies like China, Brazil, India and Indonesia.
