Press Release: Europe’s reforms beginning to pay off but continued effort needed, says OECD

Action taken by many European countries to return their public finances to health were beginning to pay off, said the OECD in two reports published in April 2014.

The Euro area economies which emerged from the crisis with serious current account deficits were now in surplus. Debt-to-GDP ratios were stabilising and market tensions had abated.

Although Europe’s economies were slowly growing again, they faced daunting challenges. Joblessness remained high, and youth unemployment in some countries had risen above 30%.

The new OECD reports – on the Euro area and on the EU as a whole – set out the policies needed to reinforce sustainable economic growth and tackle the increase in inequality across European society.

• Primary Source

OECD: Economic surveys and country surveillance › Economic Survey of the Euro Area 2014 http://www.oecd.org/eco/surveys/economic-survey-euro-area.htm

OECD: Economic surveys and country surveillance: Economic Survey of the European Union 2014 http://www.oecd.org/eco/surveys/economic-survey-european-union.htm

---