Merkel sees progress in overcoming Europe's crisis


German Chancellor Angela Merkel said in a speech in parliament on Wednesday that the euro zone crisis had not yet been overcome but that first signs of success were evident, especially in countries like Ireland and Spain.

Speaking a day after being sworn in for her third term, Merkel also called for European member states to commit to binding economic reform contracts, saying the founding flaws of the single currency union needed to be addressed urgently.

Continue Reading Below

"Clearly the euro zone debt crisis is not yet overcome. One cannot emphasize this often enough. But we are seeing first successes and we are convinced it can be overcome permanently," she said in the Bundestag chamber.

Merkel said she did not believe the necessary changes to European structures could be implemented without changes to the EU treaty.

(Reporting by Noah Barkin and Madeline Chambers)