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A simple econometric framework is presented linking current account balances of euro area countries to intra and extra euro area competitiveness, cyclical positions, fiscal positions and the oil price.
Following a sharp drop amidst the global economic crisis and a subsequent recovery, the spot price of crude oil has been broadly stable for the past couple of years. This paper discusses the factors that drive oil demand and supply and, hence, the price of the resource.
Big changes are needed to strengthen the capital positions of euro area banks. European banks remain at the heart of the euro area crisis. Despite actions to strengthen banks and build a banking union, confidence in the euro area banking system remains weak, and is likely to remain so until underlying concerns over low capitalisation of some banks are addressed.
The euro area crisis finds its roots in the credit booms seen in many countries following the introduction of the euro in 1999. Easy credit led to strong growth in a range of sectors, notably housing, as well as higher levels of public spending. Inflation in these over-heating economies was higher than the euro area as a whole. Rising prices led to rising costs and a loss of international competitiveness.
Description of economic and statistical concepts, data sources and various techniques curently used by the Department in undertaking its assessment of global economics.
Notes to statistical annex tables 25-33, Sources and Methods of the OECD Economic Outlook.
OECD Secretary-General Angel Gurría presents the 2012 Economic Outlook on Tuesday, 27 November in Paris.
The global economy is expected to make a hesitant and uneven recovery over the coming two years. Decisive policy action is needed to ensure that stalemate over fiscal policy in the United States and continuing euro area instability do not plunge the world back into recession, according to the OECD’s latest Economic Outlook.
This workshop will convene leading experts from health and finance backgrounds in government, academia, and international organisations to take stock of progress in health expenditure forecasting and to discuss future directions, in light of policy needs and recent advancements in techniques, detailed data and computing power.
While the recovery has been broadly balanced, risks to Switzerland’s outlook increase. This Survey discusses policies to increase growth more durably, reduce incentives to leverage wealth, reduce financial market risks, and render environmental policy more cost-effective.