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The OECD said it made its biggest forecasting errors since the 1970s oil crisis (Photo: oecd.org)

OECD admits failure to understand scale of eurozone crisis

Failure to appreciate the scale of Europe's banking crisis led to the most significant economic forecasting errors since the oil crisis in the 1970s, the Organisation for Economic Co-operation and Development has said.

The admissions were contained in a 'post-mortem' report on the eurozone crisis published by the Paris-based think tank on Tuesday (11 February),

“The repeated deepening of the euro area sovereign debt crisis took us by surprise, because of the stronger-than-expecte...

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

The OECD said it made its biggest forecasting errors since the 1970s oil crisis (Photo: oecd.org)

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

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