The Organisation for Economic Co-operation and Development on Thursday criticised trade and investment protectionism in the European Union, saying that further reforms to spur competition and complete the single market remained the best route to raise European living standards.

Presenting the OECD’s first report on the European Union, Angel Gurría, secretary-general of the Paris-based economic institute, said the defence of trade barriers and national industrial champions would prevent EU countries from reaping the full benefits of the single market they had created.