Merkel reiterates her opposition to ECB greater role in crisis

"I am convinced that only political solutions can resolve the situation," Merkel told an industry event in Berlin.

"If politicians think the ECB can solve the euro crisis, then they are mistaken," she said, adding that even if the ECB assumed a role as a lender of last resort, it would not solve the crisis.

Merkel also said it required a big dose of political sensitivity to ease tensions between euro zone members and states who are part of the EU but are not part of the currency union.