Given the systemic dimension and country spill-overs in certain catastrophic risks, the G20 is well suited to play an important role through the exchange of best practices and experiences to address events that, according to our analysis, cost the world economy nearly $350 billion last year.
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This presentation by Adrian Blundell Wignall was made to the French Senate on 27 March 2012 in the context of their enquiry on credit rating agencies (CRAs).
At this Financial Regulation Session of the G20 Leaders Summit, M. Gurría spoke of 'a comprehensive reform of the international financial architecture that should include financial inclusion, protection and education'.
The ongoing crisis illustrates all too well the importance of trust and confidence for the proper functioning of our financial systems and, in turn, our economies. Consumers are at the heart of the system. They should feel capable, knowledgeable, safe and secure in their dealings with financial services providers and their intermediaries, said Angel Gurría.
Statement by Secretary-General Angel Gurría at the occasion of the OECD-WB Conference on challenges and policies for promoting inclusive growth, 24-25 March 2011 at OECD, Paris.
OECD Secretary-General talks of the need to promote a significant shift in policy-making to introduce together a new era that favours long term investments for sustainable development, at the Eurofi High Level Seminar in Paris.
The world economy is recovering, but many challenges remain to eliminate global imbalances. Countries must address the crucial question of capital movements while deepening their commitment to structural reforms, according to OECD Secretary-General Angel Gurría.
At the heart of the crisis are failures of financial regulation, of supervision, of risk management and of corporate governance.
Speaking at a conference in Berlin, Angel Gurría says that a new architecture of financial reform together with sustainable fiscal consolidation strategies, structural reforms and efforts to explore new sources of growth will be essential to build a stronger, cleaner and fairer world economy.
"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”.