The eurozone has not overcome the crisis as it would have and in the upcoming years Europe will face difficulties due to the situation in Ukraine and its geopolitical position, said German Finance Minister Wolfgang Schäuble.

Mr. Schäuble during his speech at a conference noted that “We have overcome the crisis to some extent, but the risk still remains” referring specifically to the high rates of unemployment and low investment.

He stated, however, that Europe should insist on structural reforms and fiscal stability and stressed that deficit reduction is necessary so as to overcome the crisis. He also called the countries of Eurozone to remain committed to those terms agreed.

“Too many European finance ministers believe that public investments will help solve the economic problems of the eurozone,” he said adding that cheap funding is not a cure-all solution. “We need investments that will prevail over the markets,” he said.

Referring to the crisis in Ukraine, the German Finance Minister said ironically that in a few years President Vladimir Putin might be awarded with the Charlemagne Prize, a prize which is awarded to persons who have contributed to European integration, since he ‘forced’ Europeans to find a common line.