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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.
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.
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Overview - Eeuropean Union Survey 2012
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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.
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Statlinlk to graph - EU Survey 2012
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Overview - Euro Area Survey 2012
Over the last four years we have lived and worked under the impact of the greatest economic crisis of our lifetimes. Recent actions in Europe have cleared a bit the fog but the confidence in the markets is still shaky and the long-term growth perspective of Europe is muted.