Former British prime minister Tony Blair says it's not too late to save the euro, but he noted that more needs to be done to restore confidence and get the economy moving.

"The blunt truth is the project of the single currency is in the balance right now," Blair said in an interview with CBC's Amanda Lang.

"The only way we're going to get through it is if it's absolutely clear that the full weight of Europe, its institutions, the central bank, the main countries, stand fully and unequivocally behind the single currency and are prepared to do what it takes to save it," he said.

"If that happens, then I think there is every chance the single currency will stabilize and come through."

He also said that short-term commitments need to be matched by a "long-term framework of change and reform."

"I think we're in a situation where we can come through this, but I think we are right at the 11th hour, and a little bit beyond it," he said.

Blair also touched on the political situation in the Arab world and financial and political woes in the United States in the interview, the first part of which aired Thursday on the Lang & O'Leary Exchange. The second half of the interview aired Friday.