• Euro remains strong, some say too strong
  • Must boost productivity with structural reforms
  • EU banking union created at unprecedented speed

He’s speaking in Brussels alongside the OECD’s Angel Gurria who says;

  • Euro area showing signs of recovery but growth is still weak
  • Impact of Fed tapering still largely unknown
  • ECB monetary policy nears diminishing returns
  • Euro area lending conditions are still tight
  • Financial reforms alone won’t boost growth, structural reforms needed also
  • Payoff for productivity from reforms will be great
  • Must be vigilant of downside risks