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November 25, 2010    

OECD confident for euro zone’s future

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by Kay Murchie
OECD confident for euro zone’s future

As more doom and gloom surrounds the euro zone economy, the Organisation for Economic Cooperation and Development (OECD) has today issued a positive statement and suggested that “the euro as a currency has a long life, it is alive, well and kicking”.

Fears have been raised that the 16-nation euro currency will fail in the face of Ireland’s debt crisis.

However, the OECD believes that instead of countries leaving the euro, more will be joining it.

OECD Secretary-General, Angel Gurria, told journalists in Bratislava today: “The euro area is going to be growing and continue to be largest trading bloc in the world.”

The comments come shortly after Klaus Regling of the European Financial Stability Facility stated it is “inconceivable” that the 16-nation euro currency will fail.

However, While Mr Regling admitted that the “situation is serious” he told Germany’s Bild newspaper there was “zero chance” that the euro would collapse.

In related news, the Baltic republic of Estonia was given the go ahead in June to adopt the euro on 1 January 2011 and will become the area’s 17th member.

Another country set to join the euro is Romania but it recently said its entry date for the euro zone may be delayed as it introduces tough austerity measures in order to bring down its budget deficit.

The country’s current target date for euro zone entry is 1 January 2015 but this could be postponed by “one or two years” as it aims to slash the budget deficit to 3% by 2012 – in accordance with EU rules.

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Tags: 16-nation, alive, , , Estonia, , , joining, Klaus Regling, , , Romania