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OECD urges EU growth effort

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OECD urges EU growth effort

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The European Union must do more to boost long-term growth.

A new report on structural reform by the Organisation for Economic Cooperation and Development says it should spend more on research and development where expenditure lags behind the US and Japan. The study said efforts have to be stepped up to liberalise energy markets and areas such as port services to boost free trade. The OECD says the EU must use the opportunity presented by the global recession to continue to pursue structural reform to help support long-term growth and the sustainability of public finances.