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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.
Secretary-General Angel Gurría led a discussion focusing on the challenges for global economic governance to stabilize the global economic system at the 5th IFRI World Policy Conference held in Cannes on 8 December.
Switzerland has low greenhouse gas emissions per capita as compared to other countries, which reflects the strong reliance on energy sources emitting few greenhouse gas emissions, especially in electricity generation, and little heavy industry.
The priority for the Slovak Republic is to restore the sustainability of public finances while ensuring the prioritisation of funding for spending programmes which are important for growth, such as education and active labour market policies.
The Slovak Republic recovered strongly from the global economic crisis and is weathering well the storm that has struck its main European trading partners. The challenges going forward will be restoring public finances while driving down unemployment and fostering long-term inclusive growth, says the latest Economic Survey.
Annual inflation in the OECD area rose by 2.3% in the year to October 2012, compared with 2.2% in year to September 2012. Energy prices accelerated to 5.4% in October, up from 5.1% in September while food prices remained broadly stable in October (to 2.2%, up from 2.1% in September). Excluding food and energy, the OECD annual inflation rate slightly increased to 1.7% in October.
Lanzamiento del Estudio Económico de España 2012 de la OCDE, Palabras de Angel Gurría
Secretario General OCDE
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Economic Survey of Spain 2012 - Data
Spain is immersed in a prolonged recession that has been compounded by the continuing crisis in the euro area. The path to recovery has been launched, but will require full implementation of reforms and some additional measures to restore confidence in the financial sector, redress public finances and bring down high unemployment, according to the OECD’s latest Economic Survey of Spain.