Financial markets and services are playing a greater social and economic role in the daily life of the average individual. One of the challenges is to move from raising awareness on financial issues to actually changing consumers’ behaviours, notably by integrating financial literacy into school curricula, according to Mr. Gurría.
If we consider the rapid pace of financial innovation, the growing complexity of financial products, and the increasing amount and size of financial risks and responsibilities transferred to households, consumers need to be better equipped to make good, informed and rational financial decisions, according to Mr Gurría.
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Government provision of a safety net for financial institutions has been a key element of the policy response to the current crisis. In the process, existing guarantees have been expanded and new ones introduced, including, in particular, in relation to bank liabilities. Among other things, such guarantees create costs that arise as a result of potential distortions of incentives and competition. To limit such distortions it is
The economic crisis has generated an urgent need to restore confidence in our future and make the world economy stronger, cleaner and fairer. There is growing political consensus on the need to develop a set of common principles and standards in order to ensure a more stable and sustainable development of the global economy, according to the OECD Secretary-General.
At the G20 summit in London on 2 April, governments pledged to do all they can to restore confidence, growth and jobs; repair and strengthen the financial system; promote global trade and investment and reject protectionism; and build an inclusive, green and sustainable recovery for all. The OECD worked behind the scenes with G20 governments and other international organisations to help achieve this successful outcome and further our
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In the wake of a dramatic financial crisis and with the first waves of baby boomers approaching retirement we hardly need to think about how best arrive at the pension funds’ payout phase. This paper argues that there is a urgent need to raise retirement saving, to reduce defined contribution plan members’ exposure to investment risks and to provide the financial industry with cheap and safe payout instruments. These challenges are
In his opening address at the Global Forum on Public Governance, OECD's Gurría underlined that building a stronger global economy means building a cleaner global economy.
This conference focused on corporate governance of insurance companies, the role of financial intermediaries in financial education and annuities and pension.
In the midst of the deepest and most synchronised recession in our lifetimes, OECD's Gurría encourages a policy response which addresses the social impact of the crisis and repairs the financial system.
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This paper discusses responses to current financial and economic crisis by regulators, supervisors and policy makers in the area of private pensions. These responses are examined in the light of international guidelines, best practices and recommendations to improve the design of private pensions.