Mr. Gurría underlined that business ethics should be at the center of any new road-map for the global economy. Markets should not only be more stable, but morally acceptable as well. He said that it is time to reunite ethics and economics through a solid, transparent and updated set of rules.
The crisis has shown the vulnerability of a global economy based on the idea that ever increasing production and consumption were the key to success, says OECD Secretary-General Angel Gurría.
According to Mr. Gurría, the first decade of Economic and Monetary Union (EMU) has been a success, but the onset of recession amid ongoing financial turmoil has created new challenges for monetary and fiscal policy implementation, liquidity management and the regulation and supervision of European financial institutions.
Can 2009 bring a ray of light to lift the gloom and end the severest financial and economic crisis in decades? The OECD is working with the world’s governments and international organisations to stop recent market and policy failures from happening again.
Updated continuously. Includes population and employment in persons (national concept), employment in persons by industry (domestic concept) and employment in full-time equivalents by industry (domestic concept) from 1970 to latest available. Source: OECD Annual National Accounts Database .
OECD is preparing a two-pillar action plan for governments, as part of a global response to the world financial crisis, calling for tighter regulation and oversight of financial markets and improved national policies to promote economic growth.
As the financial crisis deepens and spreads, a decisive policy action is needed to restore confidence and restart the flow of credit, according to Mr.Gurría.
Governments which are successful at reforming empower their people to make the most of globalisation, creating a favourable environment for education, for business, for innovation and for sustainable development, according to Mr. Gurría.
In his remarks delivered at the APEC Structural Reform Ministerial Meeting, Mr. Gurría explained that designing structural reform has been at the core of the OECD’s mission since its inception, to promote a better functioning of the global economy and raise living standards in member and partner countries. Now the OECD has gone one step further, trying to figure out how reform can be successfully implemented.
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A three-day international workshop on innovation and the global impact of high-growth small and medium-sized firms (SMEs), organized by OECD with the Kauffman Foundation in Kansas City, hailed entrepreneurship and the fast growth of innovative small firms as the engines of economic growth.