Federal Reserve Chair Ben Bernanke predicted economic growth will be “frustratingly slow” in the near future in part because of the European debt crisis.

Ben Bernanke, Federal Reserve chairman: “In short, while we still expect that economic activity and labor market conditions will improve gradually over time, the pace of progress is likely to be frustratingly slow. Moreover, there are significant downside risks to the economic outlook. Most notably, concerns about European fiscal and banking issues have contributed to strains in global financial markets, which have likely had adverse effects on confidence and growth.”