Chancellor Angela Merkel in her speech to policy makers and business leaders in Davos at the World Economic Forum yesterday askedfor some time to policy makers to resolve the two-year old debt crisis, claiming that European leaders will gather their efforts to combat the crisis.

Merkel said I would like to ask all of you who are here as the representatives of the business community to take into consideration the governments efforts and to please take the long-drawn- out processes with a degree of acceptance.

She highlighted the importance of introducing measures to increase competitiveness and promote growth rather than injecting new money to solve the debt dilemma, where these measures will be discussed at the EU summit on January 30.