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Secretary-General Angel Gurría outlines the crucial actions that we must take to resolve the euro crisis, strengthen the global financial system and anchor growth in the long-term through structural reform at the 30th anniversary of the International Institute of Finance in Tokyo.
Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called "six pack" to upgrade the Stability and Growth Pact to a new Treaty incorporating the "fiscal compact".
Poor growth performance over the past decades in Europe has increased concerns for rising income dispersion and social exclusion.
The euro area must restore sustainable and balanced growth. Decisive action is needed to stabilise vulnerable euro area debt markets in the short run. But, a sustainable recovery can only be achieved with a sound financial sector and structural reforms to boost growth and ease the debt burden.
Euro area finance ministers meeting this week need to boost the firepower of the European stability funds to at least one trillion euros in order to restore market confidence, OECD Secretary-General Angel Gurría said today.
Strengthening the Single Market and its implementation are needed to boost growth. To boost growth and create a sustainable recovery, a strengthening of the Single Market and better implementation of the existing framework are needed to achieve a more integrated and competitive EU economy.
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Overview - Eeuropean Union Survey 2012
Economic Surveys of the European Union and the Euro Area
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Graph Statlink - Euro area 2012
Weak financial conditions, fiscal consolidation and economic adjustment are restricting demand in the short-term before the long-term benefits on stability and growth are felt, Mr Gurría said. Decisive action to restore confidence and support demand is needed now, he added.