ANGEL GURRIA, OECD: Growth forecasts revised down

Mar 25: The financial system is "partially clogged" and preserving it remains the top priority for regulators, says Angel Gurria, secretary general of the OECD (Organisation for Economic Co-operation and Development). He says the OECD has revised down its growth forecasts for Europe, but says Europe remains less vulnerable than the US to the effects of the subprime crisis. He tells Scheherazade Daneshkhu, FT Paris correspondent, that regulatory lessons must be learned from the credit crisis, but there is still no justification for a pan-European regulator.