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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.
Luxembourg is today one of the main international centres for investment funds. Besides the sector’s direct and indirect employment effects, the most important effect is the large tax revenue generating capacity of the sector, accounting directly for over 20% of aggregate tax revenues.
- Economic survey of Luxembourg 2008
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.
Nigel Pain, OECD Senior Economist, on the Challenges facing the Euro Area Economy
The economic downturn and the financial turmoil are intensifying fiscal pressures. In the longer-term, progress towards fiscal sustainability and improving the quality of the public finances remain priorities.
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 .
Notes to statistical annex tables 38-54, Sources and Methods of the OECD Economic Outlook.
The OECD projections are conditional on a set of technical assumptions, which comprises: unchanged exchange rates, as of a given date; unchanged fiscal and monetary policies; and a projected path of oil and non-oil commodity prices.