Europe has squandered three years of opportunity to carry out badly needed economic reforms, former Bundesbank chief Axel Weber said at a panel in Davos, the ski resort hosting the global elite over four days at the World Economic Forum.

Angel Gurria, head of the Paris-based Organisation for Economic Cooperation and Development (OECD), encouraged ECB President Mario Draghi to "go as far as he can" but added: "There's only so much central banks can do. Basically all they can do is wait until the governments do the right thing."

With Switzerland refusing to share information based on stolen data, India will provide independent evidence on black money account holders, its alternate but not preferred position, Finance Minister Arun Jaitley has said.