OECD’s Gurria: European Central Bank can't set policy based on daily swings in the market

The Organisation for Economic Co-operation and Development (OECD) Secretary-General Jose Angel Gurria was out on the wires last minutes, via Bloomberg TV, making some comments on the European Central Bank’s (ECB) monetary policy outlook.

Key Points:

ECB has been invaluable in providing stability.

Policymakers must wait to make a definitive response.

Italy has made progress on dealing with NPLs.

Global growth is close to 4% this year.

Sees limited monetary policy room, economies need reform.