Europe needs to make structural reforms, the head of the OECD said on Friday, backing those like European Central Bank (ECB) President Mario Draghi who argue that countries cannot rely solely on central bank stimulus measures to boost their economies.
"We owe a debt of gratitude to the central bankers…but it's time to go structural," Angel Gurria, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), told CNBC on Friday.
Gurria named multiple sectors in Europe which might benefit from reforms, including education, regulation, the labor market, health systems and infrastructure.
"They (the reforms) are all medium—to—longish-term before they start seeing results," he said.
Euro area gross domestic product (GDP) came in flat in the second quarter— below expectations—with some of the its biggest economies, such as France, struggling to make headway.