The European Central Bank (ECB) has been advised by the secretary-general of the Organisation for Economic Cooperation and Development (OECD) to be more proactive in helping to resolve the ongoing eurozone crisis.
Speaking at a news conference, Angel Gurría, who was previously Mexico’s minister of foreign affairs and then later minister of finance and public credit, said that the ECB could, for example, relaunch a strategy of unlimited bond buying.
This would involve the ECB resuming its purchasing of bonds from embattled countries like Spain and Italy – effectively buying up their debt on a short-term basis – to reduce the financial burden experienced by them.
Mr Gurría remains confident that leaders within the eurozone will take heed of his calls. He also remains confident in the future of the euro.
“I believe nobody is going to leave the euro and nobody should leave the euro and I believe some other countries are going to be joining the euro in the future,” he said.
Germany, however, does not favour the bond buying strategy, and will say as much at the ECB’s next meeting, which is scheduled for September 6th.
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