Germany's Schaeuble: crisis may last for 2 years

Associated Press
German finance minister Wolfgang Schaeuble holds a speech after he received the International Charlemagne Prize of Aachen (Karlspreis) in the city of Aachen, Germany, Thursday, May 17, 2012. Schaeuble has won this year's prestigious Charlemagne Prize in tribute to his important service in overcoming the division and contributing to the strengthening of Europe, the prize committee said. The important political prize is awarded to outstanding Europeans since 1950.Former winners of the award include Jean-Claude Trichet (2011), U.S. President Bill Clinton (2000) and British Prime Minister Tony Blair (1999). (AP Photo/Martin Meissner)

PARIS (AP) — Germany's finance minister estimates that Europe's spiraling debt crisis could last up to another two years.

Wolfgang Schaeuble also says it's vital that during this weekend's summit in Washington Europe's leaders show the world they are moving more quickly to stem the crisis that is jeopardizing economic recovery around the world.

Speaking on French radio Europe 1 Friday, Schaeuble said "In 12 to 24 months we'll have a calming of financial markets."

Schaeuble also said that Europe's leaders "weren't good enough" over the past two years of unending crisis in Europe and said "It's very important during the G-8 to show that Europe can achieve common positions more quickly."