OECD gives further blow to Stability Pact

The organisation for economic cooperation and development, OECD, criticised at the Stability and Growth Pact, which underpins the Euro, saying that it has not worked and that it should be improved. This is the second substantial blow to the Pact after Commission president, Romano Prodi, called in "stupid" last month.

Jean-Philippe Cotis, the OECD's recently-appointed chief economist, said on Thursday that the Pact rules "haven't worked." He went on to say that the Pact needed to pay mo...