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After a decade of rapid growth, Russia has fallen into recession. The near term challenge is to limit the extent of the downturn, while beyond the crisis, a sounder growth model should be put in place.
Despite improvements in some areas, many aspects of Russia’s regulatory framework are still restrictive and economic performance could be enhanced by bringing regulation into line with best practices.
Competition policies are being strengthened which will improve consumer welfare and growth. However, competition in retail is hindered by unusually extensive sector regulation while the liberalisation of network sectors has been less successful than in other OECD countries.
The UK financial market has been severely affected by the financial market crisis. The crisis has exposed weaknesses in the supervisory framework as well as that for crisis management and resolution. This chapter reviews the supervisory and regulatory framework and the many reforms that have already been adopted to remedy these weaknesses. It also provides recommendations for further reforms.
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This report describes why occupational pensions play a major role in OECD countries and worldwide, complementing retirement income from state sources. Their financial importance is highlighted by the volume of assets they manage on behalf of plan members, USD 22 trillion at the end of 2008. Population ageing has also led many OECD countries to undertake a wide range of pension reforms – the overall effect of which has been to reduce
Italy is facing strong headwinds from the international financial crisis but so far its banking system has been more resilient than in other countries. This chapter suggests that this reflects a combination of factors.
Despite the improvement in regulatory indicators, overall productivity performance has improved very little in Italy. This chapter reviews a number of possible structural explanations.
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The financial sector is vulnerable to systemic loss of trust. The current crisis resulted from failures in financial market regulation, not failure of competition. Competition and stability can co-exist in the financial sector: more competitive market structures promote stability by reducing the number of banks that are “too big to fail”. Competition helps make the financial sector efficient and ensure that rescue and stimulus
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Gasoline retailing has changed dramatically over the last 25 years. While refiners often still have extensive networks of gasoline retailers, there is also a large independent sector in many countries. A study of the effects of entry by large general retailers finds benefits to consumers.
There has been a vigorous debate about whether vertical separation between gasoline stations and upstream entities should be required. It appears
At the G20 summit in London on 2 April, governments pledged to do all they can to restore confidence, growth and jobs; repair and strengthen the financial system; promote global trade and investment and reject protectionism; and build an inclusive, green and sustainable recovery for all. The OECD worked behind the scenes with G20 governments and other international organisations to help achieve this successful outcome and further our