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Going for Growth 2009 - the economic crisis facing OECD countries should not be allowed to slow down structural reforms
Today’s report is designed to help OECD countries pursue reforms that will raise their long-term living standards. This year’s Going for Growth is special in that it comes at a time when OECD countries are faced with the most severe financial and economic crises in a lifetime. The still-unfolding global crisis and recession have inevitably raised questions about the extent to which markets can be trusted to deliver good outcomes and whether earlier reforms have contributed to make economies more vulnerable. The current crisis in financial markets has uncovered major problems with the functioning of financial markets and demonstrated the failures of past regulatory and supervisory structures to ensure market stability. It shows the destructive force of particular developments and imperfections in financial markets that have intensified risk taking and information deficiencies in financial institutions. These faults are starting to be recognised and countries are beginning to work individually and jointly to identify the best ways to reform regulation of financial markets. This key work aims to correct the particular market and regulatory imperfections that led to the current crisis, making financial intermediation and the real economy more resilient to future shocks.
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