BERLIN (AP) -- Chancellor Angela Merkel stood firm Thursday against calls for further pledges to stimulate Germany's economy, saying nearly euro80 billion ($105 billion) pledged by her government so far must first be allowed to take effect.
"We have done our part for now and that must be allowed to take effect," Merkel told parliament in an address ahead of a two-day European Union summit in Brussels.
The German chancellor has emerged as one of the most vociferous opponents to calls from the United States, labor groups and others that Europe must spend more aggressively to combat the global economic downturn.
"Trying to outdo one another with promises will certainly not bring any calm to the situation," Merkel said.
Merkel said her government's financial stimulus program amounted to 4.7 percent of the nation's predicted gross domestic product for 2009 and 2010, insisting it is one of the most generous packages in Europe.
"Our contribution is above average" within the EU, Merkel said.
The German chancellor also reiterated her call for the upcoming Group of 20 summit in London on April 1-2 to focus more on an overall reform of the global financial system and less on solving the current crisis.
"We need a psychologically positive signal out of London and not a competition over unrealistic stimulus packages," Merkel said.
