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The global economy continues to run at low speed and many countries, particularly in Europe, seem unable to overcome the legacies of the crisis. With high unemployment, high inequality and low trust still weighing heavily, it is imperative to swiftly implement reforms that boost demand and employment and raise potential growth.
Les mesures prises par de nombreux pays européens pour assainir leurs finances publiques commencent à porter leurs fruits, selon l’OCDE. Les économies de la zone euro qui accusaient d’importants déficits de la balance des paiements courants au lendemain de la crise sont désormais excédentaires. Les ratios dette au PIB se stabilisent et les tensions sur les marchés se sont atténuées.
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Les efforts déployés dans toute la zone pour renforcer les finances publiques, et la mise en place des fondements institutionnels de l’union monétaire, portent en germe la perspective d’une croissance vigoureuse et inclusive. Toutefois, d’amples réformes structurelles sont nécessaires pour améliorer la productivité et rétablir la compétitivité.
After five years of work at every level to correct the fiscal, financial and external imbalances that led to the crisis, and to reinforce fiscal and financial institutions, the Euro Area is beginning to show signs of recovery. But, despite these positive signs, growth is still weak and uneven.
Mr. Angel Gurría, Secretary-General of the OECD, attended the OECD Seminar “The Euro area at a crossroads: Policies for growth, jobs and competitiveness” in Brussels on 17 February 2014 at the Council of the European Union, ahead of the regular Eurogroup meeting. At the Seminar, the Secretary-General presented the OECD report “Economic Challenges and Policy Recommendations for the Euro Area”.
Talks to free up more trade and investment between the European Union and the United States got under way early in 2013. A good agreement in 2014 would be a positive thing, and not just for the EU and the US.
In Europe, the two most pressing structural policy priorities that must be addressed are the challenge of unemployment and the restoration the health of euro area banks, said OECD Secretary-General in Brussels.
Vast amounts of money are kept off-shore and go untaxed. The more we do to combat tax fraud and evasion, the more resources we will have to finance growth-enhancing public investment, restore the health of public finances, and put the euro area economy back on a sustained and long-term recovery, said OECD Secretary-General.
Secretary-General Angel Gurría addressed OECD Ambassadors and others at the Nobel Peace Prize Ceremony held at the OECD on 10 December.
The euro area crisis finds its roots in the credit booms seen in many countries following the introduction of the euro in 1999. Easy credit led to strong growth in a range of sectors, notably housing, as well as higher levels of public spending. Inflation in these over-heating economies was higher than the euro area as a whole. Rising prices led to rising costs and a loss of international competitiveness.