Finance

Finance

Merkel says solving eurozone debt crisis will take years

02 December 2011 12:55 (UTC +04:00)

Baku - APA-Economics. German Chancellor Angela Merkel has told the Bundestag that the eurozone’s sovereign debt crisis will take years to resolve. She said the eurozone needed a new "stability union" with tighter fiscal controls, Deutsche Welle reported.

German Chancellor Angela Merkel has warned that the eurozoneâ€™s sovereign debt crisis will not be solved "overnight."

Speaking to the lower house of parliament, the Bundestag on Friday, Chancellor Merkel described the crisis as "the worst crisis since the introduction of the euro," and that resolving it was a process that would take years to achieve.

In a speech to outline her governmentâ€™s vision for securing the future of the common currency, Merkel called for a "sustained strengthening of the European economic and currency union."

She said that the process of creating a fiscal union had already begun.

"We are not only talking about a fiscal union, we are beginning to create it," she said.

"Now these items are on the agenda, we are on the verge of it, there are still difficulties to be surmounted but their necessity is now widely recognized," Merkel added.