OECD Stresses the Need to Increase Eurozone Crisis Firewalls

Angelo Gurria, the head of the Organization for Economic Cooperation and Development (OECD), said on Tuesday that eurozone finance ministers should need to boost the firepower of the European stability funds to at least one trillion euros ($1.3 trillion).

“The current level of commitment to the rescue funds is not enough to restore market confidence,” said Gurria.

The eurozone finance heads, who will meet on Friday to decide on the size of the protective firewalls, are likely to increase it to around 700 billion euros.

“A credible financial firewall will provide governments with the breathing space they need to focus crucially on revitalising Europe’s economic growth and competitiveness,” said Gurria.

“Europe is stalling. It needs to get out of first gear and make growth the number one priority,” he added.