In a rare concession, the German Chancellor admitted that austerity alone would not solve the crisis but she insisted that the wave of political opposition to fiscal discipline was wrong.

"We're not saying that saving solves all problems," Ms Merkel said at a conference in Berlin. "[But] you can't spend more than you take in. You can't live your whole life this way. Everybody knows this."

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Filed under: * Economics, Politics • Economy • Euro • European Central Bank • The Banking System/Sector • The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- • Foreign Relations • Politics in General • * International News & Commentary • Europe • --European Sovereign Debt Crisis of 2010 • Germany

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