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Building on the OECD's internationally recognised standards in the area of financial education, participants in this event shared best practices and experiences in the fields of financial education and literacy. As a result, they were better equipped to address their national and regional challenges in these policy areas.The workshop was co-hosted by the Reserve Bank of India and the OECD and was sponsored by the Government of Japan.
"We need to reform international finance so that it plays its essential role in supporting economic activity -- and does not provoke another systemic crisis. But we have to ask ourselves, do we have the right global governance mechanisms to address these issues in an effective way? " said A. Gurría at colloque on “Refondation du système monétaire et financier international”.
U.S. President Barack Obama’s plan to separate core commercial banking from some higher-risk activities in financial conglomerates and to place a moratorium on further consolidation could help to avoid a new financial crisis by resolving some major risks inherent to the current financial system.
The OECD has established a set of key principles to guide financial policy makers as they look to fundamental reform that will achieve strong, resilient financial systems that play their part in driving economic growth.
NEPAD-OECD Ministerial Meeting & Expert Roundtable, 11-12 November 2009, Johannesburg, South Africa. Mobilising Financial Resources - Boosting Energy Investment & Carbon Finance in Africa.
The OECD is working to help governments restore confidence and stability in the financial system, soften the impact of the recession and strengthen the global economy over the longer term.
Its strategic response to the crisis covers two main areas:
align regulations and incentives in the financial sector to ensure tighter oversight and risk management;
review and upgrade national policies and improve international coordination to
Financial services firms must make sure their customers understand what they are letting themselves in for when they sign up for mortgages, consumer loans and other products, under new OECD guidelines designed to avoid a repeat of the sub-prime mortgage crisis.
One of the agenda items at the G8 Summit in L’Aquila this week is expected to be a discussion of a proposed new “Global Standard” for international business dealings.
The range of existing instruments listed and explained in this 190-page document, including policy recommendations, guidelines and principles of best practice, is extremely rich. Alongside OECD instruments such as the Anti-Bribery Convention, Principles of Corporate Governance and Guidelines for Multinational Enterprises, as well as standards and guidelines on everything from taxation and competition to development aid and public
The current economic crisis has exposed the deficiencies of economic global governance and the risk of having a highly integrated global economy with fragmented global economic decision-making and regulation. To improve our impact, we do need stronger, more inclusive and better coordinated international organisations, warned the OECD Secretary-General.