In an interview to CNBC, Buffett said," things are beginning to slip pretty fast in Europe, especially over the past six weeks... "they'll (Europe) get it worked out by ten years from now, but right now there's no obvious answer."
"A big part of the problem: it's not clear who is in charge, if anyone, and Europe doesn't have its own printing press," he added.
The 81-year old investor also told the channel "that the US economic growth has slowed so that it is now essentially flat."
However, he also said that the residential market has noticeably picked up.
Warren Edward Buffett, widely considered one of the most successful investors of the 20th century, is popularly known as the "Oracle of Omaha" for advocating the value investing philosophy.
Despite the slowdown, Buffett said the US economy is still doing better than "virtually any other big economy" around the world.
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Talking about the scandals surrounding Barclays and other banks, Buffett called it a "big deal" and "can of worms" that "shakes your faith in certain institutions."
"He believes Barclays CEO Bob Diamond had no choice except to resign. Buffett did endorse JPMorgan Chase CEO Jamie Dimon, calling him 'one of the best bankers in the world' who understands banking and understands risk," CNBC said.