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Big changes are needed to strengthen the capital positions of euro area banks. European banks remain at the heart of the euro area crisis. Despite actions to strengthen banks and build a banking union, confidence in the euro area banking system remains weak, and is likely to remain so until underlying concerns over low capitalisation of some banks are addressed.
Annual inflation in the OECD area rose by 1.9% in the year to November 2012, compared with 2.2% in the year to October 2012. This easing in the annual rate of inflation mainly reflected slower growth in energy prices, which increased by 2.9% in November, down from 5.4% in October.
The Swedish economy is resilient but faces some challenges. Addressing the short-term risks in the labour and financial markets, while achieving more stable, inclusive and green growth in the longer term requires continuing with structural reforms.
The priority for Australia is to adapt to fast-developing Asia which opens vast new opportunities but also imposes strains. This adjustment will require flexible labour and product markets and lifting productivity growth.
The Australian economy is robust and faces a solid short-term outlook, but it must continue adapting to ensure that its privileged place in the Asia-Pacific region contributes to long-term sustainable growth, according to the OECD’s latest Economic Survey of Australia.
Sustainability of the Luxembourg economic and social model can be strengthened by improving policies that enhance public finances, growth, social cohesion and the environment.
Quarterly Gross Domestic Product (GDP) in the G20 area grew by 0.6% in the third quarter of 2012 compared with 0.5% in the second quarter, according to preliminary estimates. The aggregate G20 GDP growth rate however continues to mask diverging patterns across economies.
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.