Since then, China has replaced Greece as the economy causing most worry to the global financial system.
Issing, who is currently president of the Center for Financial Studies at Goethe University, spoke of the "high degree of uncertainty" that remains and forecast an era of "moderate growth but not stagnation."
"We are heading for a time of high uncertainty in which governments still have many measures in hand to sustain the situation," he said.
He cautioned the ECB, which meets later this week, against any further extension of its quantitative easing program, arguing that the "danger of creating bubbles in fixed income markets" outweighed any advantages.
- By CNBC's Catherine Boyle