OECD calls on ECB to cut rates

The Organisation for Economic Cooperation and Development (OECD) has urged the European Central Bank (ECB) to cut rates further.

The OECD said on Wednesday in its semi-annual Economic Outlook that the ECB should lower its benchmark rate despite the rate already being at a record low.

"The ECB has cut its main policy rate less aggressively [than the Federal Reserve and the Bank of Japan], with the rate on the main refinancing operations at 1%. The grim outlook for economic activity in the euro

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