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.
by Charles Jenkins, Writer, Commentator and former Director of Western Europe Country Analysis, Economist Intelligence Unit, London. The EU’s crisis has as much to do with leadership and solidarity as resolving fiscal and debt problems. It is time to dispense with caricatures and write the next chapter in the EU’s ongoing history. And for that, clear and transparent data will be needed.
OECD Secretary-General Angel Gurría offers his congratulations and well wishes to representatives of the European Union on receiving the Nobel Peace Prize for 2012.
OECD Secretary-General stresses the need to keep on working on structural reforms and to address inequality and rebuild trust at the OECD Debate at the Parliamentary Assembly of the Council of Europe.
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The relative earnings premium for those with a tertiary education increased in most EU21 countries over the past ten years, indicating that the demand for more educated individuals still exceeds supply.
OECD Secretary-General assesses the employment challenges facing Europe and the policy responses urgently needed to put the continent back on a path of jobs-rich growth, at the Employment Policy Conference in Brussels.
Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called "six pack" to upgrade the Stability and Growth Pact to a new Treaty incorporating the "fiscal compact".
Across OECD countries some 83 million people suffer from diabetes. On current trends, that will rise to almost 100 million by 2030.
Euro area finance ministers meeting this week need to boost the firepower of the European stability funds to at least one trillion euros in order to restore market confidence, OECD Secretary-General Angel Gurría said today.
Over the last four years we have lived and worked under the impact of the greatest economic crisis of our lifetimes. Recent actions in Europe have cleared a bit the fog but the confidence in the markets is still shaky and the long-term growth perspective of Europe is muted.