“In her keynote address, opening the World Economic Forum in Davos, Chancellor Angela Merkel urged Europe to become “more European” and work together to resolve its festering problems.
 Merkel said Europe lacked the political structures to make the common currency, the euro, work properly. Despite recent biting criticism that Germany should shoulder more responsibility in the current debt crisis, Merkel stressed that Berlin was resolved to do what was necessary to save European unity.
 Merkel said that the world had not learned from the 2008 financial crisis. Reforms of financial markets have not gone far enough, she said.
 The Chancellor said Berlin was ready to play its full part in combating the eurozone crisis, but could not promise things it cannot deliver.
 In an interview Merkel insisted that nations at the center of the eurozone debt crisis needed to press ahead with economic reform measures. “It does not make sense to promise more money, but not tackle the causes of the problem,” the Chancellor said.
 At the same time, she again called on other European leaders to agree on a tough set of parameters to form the basis of the planned fiscal pact on budget discipline.
“If you have promised debt reduction and solid public finances a hundred times, then it must also be enforced in the future,” Merkel said.
 The Chancellor’s remarks followed calls by Italy and the International Monetary Fund for Germany to offer more funds to boost the so-called European Stability Mechanism (ESM). Merkel has ruled out bolstering the permanent euro rescue fund… ”

Full Article – Nancy Isenson Deutsche Welle