OECD Economic Outlook, May 2006

The Organisation for Economic Co-operation and Development published its Economic Outlook report for May 2006 on 23 May. In the report the OECD said the European Central Bank should only raise interest rates gradually, once there is clear evidence that the euro zone economy is picking up.

"Monetary stimulus can be removed gradually, as evidence builds up that slack is indeed shrinking," the organisation said in its semiannual economic outlook.

"Further removal of monetary accommodation should be

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