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European recession slowing global economy: OECD (3)

(Xinhua)

10:55, September 07, 2012

The euro crisis results from a build-up of imbalances that need to be addressed, said Padoan. Factors include savings deficits and a loss in competitiveness, specially in southern euro economies.

"Resolving the euro area's banking, fiscal and competitiveness problems is still the key to recovery," Padoan pointed out.

The report said adjustment in the euro area was slow and proving costly. Euro adjustment must involve all euro countries, Padoan insisted, by debtor countries as well as creditor countries.

Wages and prices need to adjust as wage restraint is need to address unit labour costs, Padoan observed.

Moreover, more capital is required across European banking system. Banks need to be strengthened, alongside creation of a banking union, the chief economist said.

The fiscal cliff should be addressed, or it will generate a self-induced recession immediately in the U.S. economy, Padoan warned.

"A comprehensive solution to the euro crisis is needed," he stressed, such as structure reforms that are needed to boost productivity and create jobs.

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