German Chancellor Merkel: 'Greece can complete its loan programme successfully'

"Greece has submitted the initial proposals for reforms," she said, "now these proposals must become more specific and for this there must be cooperation with the European Central Bank, the IMF and the European Commission," she said, adding, "On this basis I wish Greece a good future," in reference to the successful resolution of economic crises in Ireland, Portugal and Spain.

The crisis in Europe can only be overcome with a strong and competitive economy, she said, and called on member-states to show willingness to coordinate more on economic policy. Strengthening monetary union is as important as fiscal health is, she said, but the monetary union would not have been possible without an economic union.