German Chancellor Angela Merkel is renewing her insistence that there is no quick and easy solution to the eurozone debt crisis.

Ms. Merkel told the German Parliament on Wednesday ahead of a European Union summit there is no “magic formula” that will make the crisis go away fast.

Ms. Merkel insisted that Europe must tackle its problems at the roots which she says are a lack of competitiveness and high debts in a step-by-step process. She said any other approach is condemned to failure.

The German leader is holding out against mounting pressure for her country to give up its resistance to pooling debt for example by agreeing to jointly issued government bonds, or eurobonds.

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