If you say that something is not a panacea for a particular set of problems, you mean that it will not solve all those problems. Membership of the ERM is not a panacea for Britain's economic problems. something that people think will make everything better and solve all their problems = cure-all panacea for (panakeia, from pan- ( PAN-) + akeisthai )
panaceas
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[ "pa-n&-'sE-& ] (noun.) 1548. Latin, from Greek panakeia, from panakEs all-healing, from pan- + akos remedy.