mereceríamos
-we would deserve
The word mereceríamos is the conditional form of merecer in the first person plural.
See the full merecer conjugation

merecer

Solo así mereceríamos el título de legítimos herederos de los padres de Europa por cuya labor todos nosotros estamos aquí.
It is only by doing this that we will deserve the title of legitimate heirs of the fathers of Europe, through whose efforts we are all here today.
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