29/11/2011 00:00:00
It was presented by Chief Economist Pier Carlo Padoan on November 28 in Paris, the updated edition of the periodical publication OECD World Economic Outlook, in which the OECD calls for urgent action to stimulate faltering world economy. Decisive policies must be urgently put in place to stop the euro area sovereign debt crisis from spreading and to put weakening global activity back on track. The euro area crisis remains the key risk to the world economy, the Outlook says. Concerns about sovereign debt sustainability are becoming increasingly widespread. If not addressed, recent contagion to countries thought to have relatively solid public finances could massively escalate economic disruption. Pressures on bank funding and balance sheets increase the risk of a credit crunch.
