3 Sep 2012

European Central Bank must do more for euro - OECD

5:15 am on 3 September 2012

The head of the Organisation for Economic Cooperation & Development says the European Central Bank should do more to stem the crisis in the euro zone.

Secretary-General Angel Gurria says the current financial facilities available - the European Financial Stability Facility and the European Stability Mechanism - are not enough, and the system is at stake.

Mr Gurria says the ECB should start unlimited bond buying, the sooner the better.

He says that despite the current crisis the euro zone will remain intact.

"I believe nobody is going to leave the euro and nobody should leave the euro," Mr Gurria told a news conference during an international forum in Slovenia.