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OECD: World Economy Picking Up But Europe Lagging

"Nominal deficit targets are likely to be missed," he told reporters. "This is not a tragedy, as long as we are very clear about pursuing and achieving structural targets."

He also urged countries that are cutting their deficits to be careful to choose measures that wouldn't aggravate high unemployment rates. Even in countries that have begun to grow, like the United States, unemployment is still above pre-crisis levels.

Padoan added that he thought turmoil in Cyprus, which recently sought a bailout, would have a limited effect on the rest of the eurozone. Some have worried that very public indecision over how Cyprus would raise its share of a bank bailout â¿¿ including an initial plan to tax insured deposits â¿¿ could raise questions about the safety of all banks in the eurozone.

"The fact that the overall systemic risks of the region have been going down is not going to be changed by what is happening in Cyprus," he said. "The point has been made very firmly that deposits, true deposits, meaning under 100,000 (euros) are protected."

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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