Action required: OECD's message to the International Institute of Finance

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.

The fiscal imperative

The crisis has left a legacy of nearly bankrupt governments. There is little doubt that all countries among the advanced economies are now in urgent need of implementing a credible medium-term fiscal consolidation strategy, argues Jean-Claude Trichet, president of the European Central Bank.

Minimising risks from imbalances in European banking

The euro area financial system took excessive risks during the global credit boom, which in some countries led to an unsustainable increase in credit, higher asset prices and housing booms.

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• Economic Survey of Euro Area 2010

European Union: Catching up and inflation: Balassa-Samuelson, Engel’s law and other culprits

This study analyses the impact of economic catching up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe.

Gauging the impact of higher capital and oil costs on potential output

Higher oil prices and the prospect of higher borrowing costs are likely to reduce the productive potential of OECD economies. The present study provides illustrative numerical estimates of the impact under different scenarios using a stylised model based on a production function.

Economic Survey of the European Union 2009: Policies to overcome the crisis

The EU economy has experienced a deep economic slump. Ongoing financial reforms and the structural reform agenda must be pursued to make future crises less likely and improve growth prospects.

Quantifying the effect of financial conditions in the Euro Area, Japan, United Kingdom and United States

This paper constructs a broad measure of financial conditions for the United States, Japan, the Euro Area and the United Kingdom, by extending monetary condition indices which are traditionally used to gauge the impact of monetary policy on the economy.

Financial market stability in the European Union: Enhancing regulation and supervision

Although the European authorities should be commended for the progress they have made in updating and improving frameworks and responding to the financial turmoil, more can be done.

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• Economic Survey of the Euro Area 2009

Economic Survey of the Euro Area 2009: Financial market stability: enhancing regulation and supervision

Financial integration and development raise the likelihood of cross-border financial contagion. Further improvements are needed to European regulatory and supervisory frameworks to ensure financial stability.

Economic Survey of the Euro Area 2009: Financial integration, innovation and the monetary policy transmission mechanism

Financial innovation and market integration have deepened linkages between euro area markets and institutions, possibly affecting the speed and channels of area-wide monetary policy transmission.