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OECD Chief: Europe can be stronger

07-12-2012 05:50 BJT

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The head of the the Organisation for Economic Co-operation and Development says the current pressure on Italian and Spanish bond markets needs to be dealt with quickly.

Angel Gurria says the European Stability Mechanism must be launched soon, so it can intervene in markets. But he also believes Europe will eventually become stronger from the current crisis.

Angel Gurria, OECD Secretary General, said, "What is important is the following. Europe is saying we created a single currency and we skipped two or three chapters that we should have addressed. One was creating the banking supervisor, creating the fiscal union. Now we are going back and doing that. So in a sense that is what I would call the blessing, the silver lining of this crisis. That Europe is strengthening its institutions and covering those gaps that have been left behind so eventually it will be stronger. In the meantime it is going to be a bumpy road."

 

Editor:Zheng Limin |Source: CNTV.CN

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