OECD: EU Should Accelerate Reforms To Strengthen Long-Term Growth

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The European Union should accelerate reforms to strengthen long-term growth after experiencing the worst recession in 50 years, the Organization for Economic Co-operation and Development reported Monday. Strengthening innovation, deepening the single market and moving to a low carbon economy are among the areas where reform are needed.

According to the Paris-based OECD, structural reforms are required to avoid future financial crisis and improve economic performance.

"The current crisis has already triggered ambitious reforms to tackle weaknesses in the financial system which, if achieved and implemented effectively, should support longer-term growth prospects," said OECD Secretary-General Angel Gurría.

The single market programme brought long-term benefits, but more can be done to raise competitive pressures. Further, actions should be taken to ensure proper implementation of single market rules.

The EU should liberalise energy markets and it is important that the union speaks with a single voice regarding external energy policy, the OECD added.

The European Union should accelerate reforms to strengthen long-term growth after experiencing the worst recession in 50 years, the Organization for Economic Co-operation and Development reported Tuesday. (Market News Provided by RTTNews)