Global challenges to be addressed only if compromise struck: Merkel

German Chancellor Angela Merkel said Friday that the solutions to great global challenges could only be found when G20 members were ready to strike a compromise.

Merkel made the remarks when opening the two-day G20 summit in Hamburg. 

German Chancellor Angela Merkel delivers her speech at the start of the first working session of the G20 meeting in Hamburg, northern Germany, on July 7. [Photo: VCG/Kay Nietfeld]

Merkel called on the G20 members to accommodate each others' views, not to bend too much or give up their principals in "the time of essence."

The German Chancellor said that "everyone who is not at the table today is justified to expect us to do a good job," given the G20 represents two-thirds of the world population, four-fifths of the global gross domestic product (GDP) and three-quarters of global trade.

Heads of states and governments from the Group of 20 (G20) major economies are gathered here on July 7-8 to discuss world trade, climate change, and developments in Africa, among other topics.