Merkel Speech: Chancellor Urges Reforms to Preserve Euro

Angela Merkel addresses the Bundestag on Wednesday

SPIEGEL ONLINE INTERNATIONAL: In the first parliamentary speech of her third term, German Chancellor Angela Merkel warned that Europe needs to take more action to make its single currency crisis-proof and urged states to undertake binding economic reforms.

German Chancellor Angela Merkel on Wednesday called on European countries to agree to binding economic reforms to correct flaws in the makeup of the single currency.

In her first parliamentary speech since her re-election for a third term on Tuesday, she warned that Europe needed to take further action to make the euro zone crisis-proof.

"Clearly the euro-zone debt crisis is not yet overcome. One cannot emphasise this often enough. But we are seeing first successes and we are convinced it can be overcome permanently," she told the Bundestag lower house of parliament.

She said Ireland's successful exit from the bailout program last week and progress elsewhere showed that her approach of seeking reforms in return for aid had been the right one. » | cro -- with wire reports | Wednesday, December 18, 2013