Eurozone crisis far from over, says German Chancellor Merkel

LONDON (ShareCast) - "The Eurozone crisis is far from over," German Chancellor Angela Merkel will say Monday evening, according to her already published New Year's speech to the nation.

Although in her speech Merkel notes that progress on reforms has been made, she also admits that 2013 would be an even more difficult year.

"The reforms that we've agreed on are starting to take effect. Nevertheless, we still need a lot of patience. The crisis is far from over," she explained.

The German leader shows a more cautious stance than the country's finance minister Wolfgang Schäuble who assured the newspaper Bild that the worst of the crisis was over.