Merkel: Crisis in EU to Last at Least 5 More Years

German Chancellor Angela Merkel speaking at a CDU forum Saturday. Photo by EPA/BGNES

The financial crisis in Europe will not be over before five years, according to German Federal Chancellor Angela Merkel.

"Whoever thinks that the crisis can be overcome in one or two years is wrong," said Merkel at a regional forum of her Christian Democratic Union in Mecklenburg-Vorpommern.

However, she added that according to her the European Union is on the right track and is taking the right steps for recovery.

"Many investors believe that we in Europe can keep our promises. We must show resolve to convince the world what it is worth it to invest in Europ," said Merkel.

The German Chancellor argued that it is vital for the EU's recovery to perform well in attracting outside investments.