Berlin (dpa) - caused by the novel coronavirus.

"Today an estimated 8 billion euros are still missing for the development of a vaccine," Merkel said on Saturday during her weekly video podcast.

The chancellor spoke ahead of a virtual global pledging conference hosted by the European Commission on Monday, which has an initial fundraising goal of 7.5 billion euros (8.2 billion dollars) for research on diagnostics, treatment and vaccines.

She said Germany would make a "significant financial contribution," but did not name a number.

Regarding the longer-term consequences of the global pandemic, Merkel said: "We know that it is causing severe damage everywhere, including to our economic and social life."

"We must therefore work at full speed and with great concentration to contain and then defeat this virus by developing a vaccine," said Merkel, who is a physicist by training.

"Germany is facing up to this responsibility and we will make sure that once a vaccine has been developed, it will benefit all people, and that the drugs that are needed and the diagnostic possibilities will benefit as many people as possible," she said.

She welcomed the fact that an alliance of governments and private foundations have started to work together to enable, among other things, the development and production of vaccines and other treatments.