Angel Gurría shares his views about issues on the 2009 Davos agenda. Beyond short-term expediency, politicians must figure out how to set a long-term course for the global economy. Along with more effective regulation, we need fairer social policies and an end to the bottlenecks that block competition and innovation and hamper sustainable growth. We must also find ways for governments to exit from their massive emergency interventions
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This overview paper examines the financial crisis in light of past country experience and economic theory and draws preliminary policy recommendations.
Mr. Gurría underlined that business ethics should be at the center of any new road-map for the global economy. Markets should not only be more stable, but morally acceptable as well. He said that it is time to reunite ethics and economics through a solid, transparent and updated set of rules.
The crisis has shown the vulnerability of a global economy based on the idea that ever increasing production and consumption were the key to success, says OECD Secretary-General Angel Gurría.
As the financial crisis deepens and spreads, a decisive policy action is needed to restore confidence and restart the flow of credit, according to Mr.Gurría.
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Sovereign Wealth Funds (SWFs) are pools of assets owned and managed directly or indirectly by governments to achieve national objectives. These funds have raised concerns about financial stability, corporate governance and political interference and protectionism.This presentation by Adrian Blundell-Wignall, Yu-Wei Hu, and Juan Yermo was prepared for the Global Pension Summit which took place on 28-29 February 2008 at the Suzou Garden
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Comments by OECD Chief Economist Jean-Philippe Cotis on the paper "How real is the Fear? Investigating the Balassa-Samuelson effect in CEC5 countries..." by M.A. Kovacs. Mr. Kovac's paper is attached as a related document.