According to Volvo's procedures, the following is true about an ECM 60 Code:

Condition
The engine control module (ECM) checks the camshaft position in relation to the crankshaft using the camshaft position (CMP) and engine speed (RPM) sensors. Diagnostic trouble code (DTC) ECM–60 is stored if the control module detects that the obtained position differs from the requested position.

Possible source
-Low oil pressure in the engine
-Blocked oil ducts for the camshaft reset valve
-Defective camshaft reset valve.

Their first step should be to check oil pressure & replace the oil pressure sensor. If that is fine, they will suggest replacing the camshaft reset valve:

Checking oil ducts
-Remove the camshaft reset valve
-Check the oil ducts for the camshaft reset valve and camshaft pulley in the cylinder head for blockages.
Note! If it is suspected that there are any contaminants in the camshaft reset valve it should be replaced.
-Remedy as necessary
-Try a new camshaft reset valve, if no fault is found in the oil ducts.