PARIS - 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 that 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, Schaeuble said Friday that "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 G8 to show that Europe can achieve common positions more quickly."
Canada's finance minister, Jim Flaherty, has been an outspoken critic of how European leaders have handled the government debt crisis.
Flaherty has said Europe is rich enough to deal with the problem without assistance from other parts of the world but has been too slow to act.
