The ongoing economic crisis will be deeper and last longer than had previously been thought, dpa quoted German President Horst Koehler as warning today during an official visit to Spain. "We do not want to kid ourselves or gloss over anything," Koehler said at the fifth German-Spanish Forum of politicians, business leaders and academics in the presence of King Juan Carlos on ending his two-day visit. An honest analysis would make it possible to take appropriate action against soaring unemployment and other effects of the crisis, the president said. The European Union had taken the right decision in adopting a common currency, but the euro was no substitute for necessary structural reforms in eurozone countries, Koehler explained.
