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Merkel: euro crisis can't be solved overnight

Merkel: euro crisis can't be solved overnight
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There are boosted hopes that Europe can get on top of its debt crisis, but the German chancellor is warning not to expect overnight miracles.

Angela Merkel says the problems need to be addressed with “structural reform”, and cannot be solved from “one day to the next … or even from one year to another”.

She said: “I will go to the G20 in Cannes next week and by then we will have succeeded in developing a programme of restructuring for the world’s big banking system. But the future of the Euro will be a result of the right structural changes.”

Germany and France have been under constant pressure over the euro zone crisis, with Merkel often criticised for being too slow and indecisive.

But some observers say she has now become Europe’s leader by default.

Germany’s Bild newspaper has nicknamed her Europe’s perfect godmother.