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| Angela Merkel |
Merkel called the World Economic Forum's 2013 motto - resilient dynamism - "fitting," because it alluded to a dynamism that focused not on "speed at any price," but rather on a system that could withstand economic shocks.
Though the chancellor said that, for her, "budget consolidation and economic growth are two sides of the same coin," she also warned against impulses to reduce the pace of reform in the face of economic stagnation.
The conservative chancellor pointed to Spanish record unemployment figures released on Thursday as an example of the difficult balancing act, and said she understood the urge to balance the books during periods of growth.
But on the political side, experience tells us that often pressure is required to enable structural reform," Merkel said, advocating a tough course now to reach "a better tomorrow."
Merkel also alluded to tax evasion and avoidance, and regulation of the financial markets in her speech, saying she hoped the US would adopt new banking sector rules known as Basel III.
"In 2008 we were all unanimous that every financial institution and every country should be subject to clear rules. Now, we are far from that position," Merkel said.
The German chancellor made only limited reference to British Prime Minister David Cameron's pledge on Wednesday to provide an "in/out" referendum on European Union membership - if he wins re-election.
Davos operator Klaus Schwab asked Merkel about her opinions on the matter after her address, however. The chancellor said little about Britain or Cameron, pointing instead to the ability of non-eurozone members - like Britain - to participate in all systemic changes that are mandatory for euro countries.
Read more: Merkel calls on eurozone to hold firm at Davos | News | DW.DE | 24.01.2013
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