Euro inflation at new low, OECD wants more easing

The OECD on Tuesday urged the European Central Bank (ECB) to cut rates further and apply quantitative easing in a bid to stave off a severe economic contraction. The calls came as it emerged eurozone annual inflation in March had dropped to its lowest level since the single currency was introduced.

"The grim outlook for economic activity in the euro area and widespread evidence of falling inflation call for exhausting the remaining scope for further cuts," the OECD said in its latest Interim