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However, as the crisis moves to engulf Spain and Italy, which are finding it increasingly difficult to refinance their debt, many European leaders have called on Germany to accept bolder steps to overcome the crisis such as introducing jointly guaranteed debt, so-called eurobonds. Merkel maintained that Germany was open in the long-term to such wide-ranging reforms such as eurobonds, or a centralized banking supervision, but she insisted that those steps of pooling liability may only come after governments give away more power to guarantee genuine European oversight. They cannot be a quick fix to the crisis, she maintained. "All those who are again looking at Germany in Los Cabos these days, who expect Germany to deliver a solution in a single drumbeat, who want to convince Germany of eurobonds, stability mechanisms, European deposit guarantees, yet more billions and many other things, to all those I say: Yes, Germany is strong. Germany is Europe's economic engine and stability anchor," she said. "But we also know that Germanys strength is not infinite, Germany's forces aren't unlimited either," she cautioned. Europe can only be stabilized if its biggest economy does not overestimate its powers, but leads the bloc "step for step toward a political union," she said. "Europe is our destiny and our future."
Financial officials begin meeting Friday in Mexico's coastal resort of Los Cabos, and national leaders will start assembling two days later.
[Associated
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