Merkel: Europe's Debt Crisis to Lag for Decade

German Chancellor Angela Merkel and German Finance Minister Wolfgang Schaeuble hold a press conference at the G20 summit in Cannes, France, 04 November 2011. EPA/BGNES

Europe will need a decade to overcome the current debt crisis, German Chancellor Angela Merkel declared Saturday.

"Resolving the debt crisis is a path which calls for much effort, and along which we will have to advance step by step," Merkel said in a video interview posted on the website of the officer of the German Chancellor a day after the end of a G20 summit in Cannes, France.

"The debt crisis will not be solved all in one go, (and) it is certain that it will take us a decade to get back to a better position," she added.

Merkel has urged all euro zone nations to introduce legally binding limits in their debt levels.

"Everyone in Europe must make an effort to achieve all that is required," Merkel said.

The G20 summit, brining together the leaders of the world's most powerful economies came up with a list of promised measures to boost growth and reinforce the International Monetary Fund without outlining them in detail.

Italy's Prime Minister Silvio Berlusconi had to accept IMF oversight of his austerity and Greek leader George Papandreou scraped through a confidence vote after accepting EU bailout terms.

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