OECD urges G20 and banks to "act decisively"

The Organization for Economic Cooperation and Development (OECD) has urged central banks and governments in the G20 to "act decisively", those getting stock market training may be interested to learn.

Its call for action comes after European stocks declined and the KBW Bank Index fell 4.1 per cent, with Citigroup and Morgan Stanley recording declines of 7.5 per cent and 8.7 per cent respectively.

In a report released today (November 1st), the OECD downgraded its US and eurozone economic growth forecasts for 2011.

The OECD altered its forecast for the US, dropping it to 1.7 per cent, down from the 2.6 per cent estimates published in May.

For the eurozone, it estimated growth of 1.6 per cent rather than the two per cent figures released earlier this year.

"Much of the current weakness is due to a generalised loss of confidence in the ability of policymakers to put in place appropriate responses," the OECD stated.

This comes after head of multi-asset investments at Schroders Johanna Kyrklund asserted that governments in the eurozone have recognised that action needs to be taken urgently to help calm financial markets.

Posted by Greg Secker