Cut rates, urges OECD

THE OECD has urged the European Central Bank to investigate cutting interest rates further.

The organisation called for "a further easing in the euro area" despite the ECB having official rates at a record low 1pc.

The Paris-based think-tank anticipates the eurozone economy to rebound to 0.9pc growth in 2013 as long as it contains the debt crisis. The OECD said it expects eurozone consumer price inflation to 2.4pc this year while unemployment is set to rise to 10.8pc.