European shares hit their six-week closing low for the second day in a row on Friday after cautious comments by German chancellor cooled market hopes that Germany would back monetary measures to tackle a debt crisis in the euro zone.

Responding to a call for decisive action from the Prime Minister, David Cameron, Chancellor Angela Merkel stressed

that European institutions cannot pretend to have powers
don't have.

The European Central Bank is not allowed to buy sovereign bonds on the primary market but a growing number of market participants have called for the central bank to intervene as a lender of last resorts for struggling euro zone countries.

The (market's) scepticism comes from the realisation that there is no magic bullet in place to solve this crisis, said Giancarlo Perasso, chief economist at Redux-Matrix, which has $100 million under management.

The FTSEurofirst 300 <.FTEU3> index of top European shares provisionally closed 0.5 percent lower at 952.99 points. The pan-European gauge was down 3.2 percent for the week.

(Reporting By Francesco Canepa)