BRUSSELS - German Chancellor Angela Merkel says Europe will continue to suffer from slow or no growth and high unemployment next year — and maybe beyond.

Her comments in Brussels on Friday appeared aimed at damping hopes for a quick economic revival on the continent after years of financial turmoil.

European Union finance ministers agreed Thursday on creating a single supervisor for European banks and on giving Greece further bailout funds.

But Merkel says there is still work to do, noting that "we still have a difficult time ahead of us."