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The current crisis offers governments the opportunity of combining emergency action with the important structural reforms needed to improve long-term growth and resilience in their economies, according to OECD’s latest Going for Growth.
At the World Economic Forum in Davos, Mr. Gurría presented the OECD strategic response to the financial and economic crisis which provides elements and analytical tools to help governments redesign and restart the financial system, but also a comprehensive strategy to put the global economy back on a sustained growth trajectory.
Angel Gurría shares his views about issues on the 2009 Davos agenda. Beyond short-term expediency, politicians must figure out how to set a long-term course for the global economy. Along with more effective regulation, we need fairer social policies and an end to the bottlenecks that block competition and innovation and hamper sustainable growth. We must also find ways for governments to exit from their massive emergency interventions
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.