Eurozone rules must bite, Ireland should accept help: OECD

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PARIS, Nov 19 (AFP): Eurozone growth is set for 1.7 per cent, rising to 2.0 per cent in 2012 the OECD forecast yesterday, and also said that Ireland would boost confidence in the crisis-hit euro by accepting help.
The eurozone, hit by its second debt drama in six months, should also beef up budget rules and could make a temporary bailout fund permanent, the OECD said alluding to market scepticism about the framework of the single currency.
A short time later in Frankfurt, the head of the European Central Bank Jean- Claude Trichet expressed "grave concerns" about economic governance in the eurozone.
"In the past days, taking into account the lessons of the global crisis, in particular as regards its impact on the European single market and in the single currency area, we have called, and are still calling, for a quantum leap of governance," Trichet said.
The chief economist at the OECD Pier Carlo Padoan told a press conference on its six-month outlook report that Ireland could send an "extremely beneficial" message if it opted to accept help from an EU-IMF rescue fund.
"We are seeing by the day how nervous markets are about any news that can come out of policy environment. This decision would have a signalling effect that would be extremely beneficial," he said.