Former Federal Reserve Chairman Paul Volcker said the central bank doesn’t have a “magic bullet” to solve economic woes caused by too much borrowing.

“I don’t believe we’re headed back into a recession, but we’ve been for some years now stuck in a kind of slow-growth pattern,” Volcker said in a Bloomberg Television interview.

“We have inherited a very difficult situation, not unique to the United States.”

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Federal Reserve Chairman Ben Bernanke doesn’t have a “magic bullet to solve these real problems,” Volcker said.

“There’s been too much borrowing, too much indebtedness, too much leverage in our economy and the world economy,” said Volcker, 84. “Sometimes it takes years to work itself out.”