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.
Secretary-General Angel Gurría outlines the crucial actions that we must take to resolve the euro crisis, strengthen the global financial system and anchor growth in the long-term through structural reform at the 30th anniversary of the International Institute of Finance in Tokyo.
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".
The European Union is a major player in global development, co-ordinating coherent actions amongst its 27 member states and providing direct support to developing countries. Total net ODA by all 27 EU member states was USD 73.6 billion in 2011. Grants by EU institutions totalled USD 12.6 billion.
Across OECD countries some 83 million people suffer from diabetes. On current trends, that will rise to almost 100 million by 2030.