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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.
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.
The OECD was born transatlantic since its very origins as the Organisation for European Economic Cooperation in 1948, established in the immediate post-war period to manage and distribute Marshall Plan aid to reconstruct Europe. The centre of gravity of the world economy is now shifting and will continue to do so but this does not mean that the Transatlantic Partnership has a lesser role to play on the global stage, said Angel Gurría.
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.
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.
Secretary-General Angel Gurría addressed OECD Ambassadors and others at the Nobel Peace Prize Ceremony held at the OECD on 10 December.
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.
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.