Although the saving pressure seemed to be eased due to robust exports and economic recovery, German Chancellor Angela Merkel insisted that her country, Europe's biggest economy, should firmly take on austerity measures.

"If we do not achieve a sustainable path toward economic growth, but once again generate bloated growth, we will pay for it with another crisis," Merkel told reporters Monday after a meeting to prepare Germany's position on the G20 summit in Canada later this week.

The coalition government planed to cut 80 billion euros in budget over the next four years, Germany's largest spending cuts projects since World War Two, raising fear of dragging down global economic recovery.

U.S. President Barack Obama released a letter on Friday, one week before the G20 summit, saying that public deficits should be addressed "in the medium term" and world powers "cannot falter or lose strength now" by slashing government spending too quickly and too hard.

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