BERLIN, Feb. 12 (Xinhua) — German Chancellor Angela Merkel on Friday called on all parties to strive for compromises and reforms to allow Britain to remain in the European Union (EU).

"I wish that the United Kingdom will in the future too remain an active member of a successful European Union," said Merkel alongside her British counterpart, David Cameron, at a traditional banquet in Hamburg.

Merkel stressed that the continued EU membership of Britain is in the interests of both Germany and Britain.

"Europe needs Great Britain and Great Britain needs Europe," she said, adding that the EU's ability to compromise gives her the confidence that there would be successful negotiations in Brussels at the next EU summit on Feb. 18 to 19.

"I would not say in advance how many hours I could sleep from Thursday to Friday. But we are solution-oriented," Merkel said.

Addressing the banquet, Cameron also expressed confidence that a deal could be reached in Brussels to avoid a so-called "Brexit."

"When it comes to the question of Britain's place in Europe, I have always been confident that together we can secure the reforms that address Britain's concerns and also work for Europe as a whole," he said.