OECD: Europe remains threat to world economy
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 3:38 am, Wednesday, May 29, 2013
In its half-yearly update, the Organization for Economic Cooperation and Development said that protracted economic weakness in Europe "could evolve into stagnation with negative implications for the global economy." Noting that eurozone policymakers have "often been behind the curve," the OECD warned that Europe was still beset by "weakly capitalized banks, public debt financing requirements and exit risks." [...] OECD Secretary-General Angel Gurria also noted that the tough reforms that those countries — to loosen their labor markets and make their public administrations more efficient — will soon bear fruit. In the U.S., the organization urged politicians to soften automatic across-the-board budget spending cuts to make them less harmful to growth, and said "a credible long-term fiscal plan needs to be put in place." Reported by SeattlePI.com 1 day ago.
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 3:38 am, Wednesday, May 29, 2013
In its half-yearly update, the Organization for Economic Cooperation and Development said that protracted economic weakness in Europe "could evolve into stagnation with negative implications for the global economy." Noting that eurozone policymakers have "often been behind the curve," the OECD warned that Europe was still beset by "weakly capitalized banks, public debt financing requirements and exit risks." [...] OECD Secretary-General Angel Gurria also noted that the tough reforms that those countries — to loosen their labor markets and make their public administrations more efficient — will soon bear fruit. In the U.S., the organization urged politicians to soften automatic across-the-board budget spending cuts to make them less harmful to growth, and said "a credible long-term fiscal plan needs to be put in place." Reported by SeattlePI.com 1 day ago.