OECD Calls for Euro-Area Confidence Boost as G-7 Economies Cool

The Organization for Economic Cooperation and Development said that Europe’s debt crisis is hurting growth across Group of Seven economies and urged euro-area authorities to bolster confidence.

“The loss of momentum at the G-7 level may persist throughout the latter half of this year, with the recession in the euro area and associated trade and confidence headwinds enduring,” the OECD said in a report published today. “With the euro-area crisis still the most important risk for the global economy, further policy action is needed to instill more confidence in monetary union.”