UBS AG Chairman Axel Weber said the euro region’s crisis will continue to linger and the risk of short-term rallies and long-term uncertainty will remain for some time.

Europe’s economy will grow zero percent or 1 percent a year “at best” for some time, Weber said at an investment conference with in Moscow organized by VTB Capital. The euro area needs “forceful reforms,” he said.

Europe has had 10 years of “clear sailing” as some of its productivity advantages have been lost, Weber said.