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Speaking at a conference in Berlin, Angel Gurría says that a new architecture of financial reform together with sustainable fiscal consolidation strategies, structural reforms and efforts to explore new sources of growth will be essential to build a stronger, cleaner and fairer world economy.
Further fiscal easing in late 2008 and early 2009 contributed to a markedly widening fiscal deficit in 2010. A newly enacted fiscal rule will help bring public finances back to a sustainable path, as discussed in this working paper.
- Economic Survey of Germany 2010
Faced with unprecedented levels of unemployment, unsustainable fiscal deficits and public debt and weak economic growth, governments need to focus on innovation and pro-green policies as potential new sources of growth, says OECD Secretary-General Angel Gurría.
Past consolidation has allowed the automatic stabilisers operate fully during the crisis. Further fiscal easing in late 2008 and early 2009 contributed to a markedly widening fiscal deficit in 2010.
The German job market has weathered the crisis well, said OECD Secretary-General Angel Gurría. Presenting the Economic Survey of Germany in Berlin, he said structural reforms were needed to ensure the sustainability of public finances and of long term growth. Stimulating domestic investment would help reduce the current account surplus, he added.
Eine auf Innovation, Bildung und mehr Wettbewerb im Binnenmarkt gestützte Wirtschaftspolitik kann Deutschland zu einer stärkeren und ausgeglicheneren Wirtschaft führen. Die Arbeitsmarktpolitik sollte nun den Weg für nötige Strukturanpassungen bereiten, die Fiskalpolitik braucht eine spezifische Exit-Strategie und muss sich in den kommenden Jahren auf die Konsolidierung der öffentlichen Haushalte konzentrieren.
Many propositions have been made to explain the increase in the German household saving rate since the year 2000 from an individual country perspective but most of them focus on partial aspects, as discussed in this working paper.
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This note is taken from Chapter 3 of Economic Policy Reforms: Going for Growth 2010.
Innovation, education and more competition in the domestic market would help Germany emerge from the economic crisis with a stronger and more balanced economy.
Economic forecasts for GDP, unemployment, inflation and fiscal balance.