Merkel warns of recession in Europe

Berlin: German Chancellor Angela Merkel Tuesday warned that Europe could slide back into recession, media reported.

"If we do not want to be left behind by the growth markets, then Europe has to hurry up," Merkel told a conference of European family entrepreneurs here.

She called for an early conclusion of ongoing trade agreement negotiations with Canada and the US, Xinhua reported citing German newspaper Frankfurt Allgemeine.

Given the increasing weight of Asia in the global economy, Merkel said,"Europe is no longer the measure of all things."

She noted that opportunities may outweigh risks once the free-trade agreements with Canada and US are put into place.