Euro can be saved with Strong Discipline: Merkel

(Davos) – German Chancellor Angela Merkel speaking at the premier gathering of political and business leaders present at World Economic Forum 2012 said that Europe lacked the “political structures” to make the euro work properly, but was adamant to defeat the currency’s weaknesses.
She repeated her caution about calls from the International Monetary Fund and Italy, among others, for Germany to beef up its contribution to euro-zone bail-out facilities. She said Europe had already lost a lot of confidence by failing to deliver on its promises and it makes no sense to promise more and more money without tackling the causes of the crisis”.
She added that Germany could not offer guarantees it was unable to honor and stressed that “Governments could not close budget deficits “in one go”, It will take time to overcome these deficits; and we’re determined to do that”.