Parry feels that after years of steady progress Houllier should be allowed a chance to overcome the problems which have become increasingly apparent in the current Liverpool side.
Parry said: "Gerard's record over the past four years speaks for itself. There has been steady progress and this has been the first real setback - but you have setbacks in business.
"Finishing second last season left us just one place to go. The only way of improving was to pick up the title. That won't be the case this year but we'll redouble our efforts to do it next time."