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Special Chapter from Economic Outlook 87, May 2010
The future growth path in Luxembourg is likely to be weaker than in the past. Pension reform, together with fiscal consolidation, is required to put the public finances on a sustainable footing, while adaptability of the labour market need to be improved.
The Polish economy has become increasingly connected with the international economy, but challenges are widespread to improve Poland’s position in global markets.
The German banking system came under pressure during the financial crisis, not least due to its significant exposure to toxic assets which originated in the US.
Going for Growth 2010 takes stock of recent progress in implementing policy reforms to improve labour productivity and utilisation that were identified as priorities in the 2009 edition.
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The current economic and financial crisis has shaken confidence in funded pension systems in general and in defined contribution (DC) pension plans in particular. The crisis has highlighted the impact of market conditions on retirement savings accumulated in DC pension plans and the uncertainty as to whether those retirement savings may prove adequate to finance retirement – particularly for those close to retirement. The purpose of
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Financial markets have recovered substantially but vulnerabilities remain significant. Ample liquidity may lead to new bubbles, particularly in some emerging markets, and uncertainties about governments’ exit strategies and regulatory changes weigh on a fledgling upswing. Co-ordination and communication of exit policies will be important, and exit from policy stimulus should not be precipitated at the current juncture. While financial
Chinese financial institutions are now generally stronger and better regulated than a few years ago and the financial system is gradually opening up. However, further reforms are required.
China’s monetary policy framework has gradually become more market-based. Going forward, it will need to place less emphasis on quantity-based liquidity controls and more on interest rate changes.
Monetary policy and inflation prospects are broadly sound in Israel, but significant challenges remain for fiscal policy in reducing public debt.