ECB, BOJ right on wait and see policy says OECD

OECD chief economist Jean-Philippe Cotis said that the European Central Bank and the Bank of Japan are right to maintain a "wait and see" positions in their monetary policies.

"The current wait and see monetary stance observed in Japan and the euro area seems warranted," he told a news briefing.

"Except perhaps in the United Kingdom, where the central bank has rightly been proactive in raising rates, return to neutrality is not a matter of urgency," he said. He noted that the economic recovery

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