Fiscal consolidation has made much progress, but government debt in many countries is still too high. Continued consolidation is needed, but without losing sight of the need to support inclusive growth and job creation, said OECD Secretary-General Angel Gurría.
Raising euro area economic performance requires cleaning up bank balance sheets, completing banking union to foster unbiased risk assessment, further structural reforms and strong fiscal policy frameworks.
After five years of work at every level to correct the fiscal, financial and external imbalances that led to the crisis, and to reinforce fiscal and financial institutions, the Euro Area is beginning to show signs of recovery. But, despite these positive signs, growth is still weak and uneven.
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The euro area is beginning to show the much-awaited signs of recovery. Area-wide efforts to strengthen the public finances and the institutional underpinnings of the monetary union are sowing the seeds of vigorous, inclusive growth. But comprehensive structural reforms are needed to enhance productivity and restore competitiveness in the years to come.
Mr. Angel Gurría, Secretary-General of the OECD, attended the OECD Seminar “The Euro area at a crossroads: Policies for growth, jobs and competitiveness” in Brussels on 17 February 2014 at the Council of the European Union, ahead of the regular Eurogroup meeting. At the Seminar, the Secretary-General presented the OECD report “Economic Challenges and Policy Recommendations for the Euro Area”.
Talks to free up more trade and investment between the European Union and the United States got under way early in 2013. A good agreement in 2014 would be a positive thing, and not just for the EU and the US.
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Whether migration can be an equilibrating force in the labour market is an important criterion for an optimal currency area. The migration reaction to high labour market disparities is of interest particularly within the Eurozone, which lacks an exchange-rate mechanism. This paper compares pre- and post-crisis migration movements at the regional level in both Europe and the United States.
In Europe, the two most pressing structural policy priorities that must be addressed are the challenge of unemployment and the restoration the health of euro area banks, said OECD Secretary-General in Brussels.
Data on government support to agriculture in the OECD area and other major economies, measured by the Producer Support Estimate (PSE) and Consumer Support Estimate.
Vast amounts of money are kept off-shore and go untaxed. The more we do to combat tax fraud and evasion, the more resources we will have to finance growth-enhancing public investment, restore the health of public finances, and put the euro area economy back on a sustained and long-term recovery, said OECD Secretary-General.