Germany's Merkel: State must keep markets in check

Merkel used her New Year's speech broadcast Monday to warn that the lessons of the market collapse five years ago haven't been fully learned yet.

The German chancellor says greater international efforts are needed to control financial markets and prevent the "irresponsibility" that began when the U.S. subprime mortgage bubble burst.

Merkel warned that reforms agreed to by governments to end the subsequent European sovereign debt crisis would require patience.

Europe's economic turmoil "isn't overcome by a long stretch," she said.