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With the global economic crisis, governments are now focused on restoring national economic and employment growth and financial stability which also poses risks for freedom of investment.
Current financing for climate change adaptation and mitigation is clearly insufficient and the development co-operation community needs to think through its implications and come up with forceful responses, according to the OECD Secretary-General.
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.
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This statement outlines OECD's response to the crisis and OECD perspectives on the Development Committee agenda. It was presented at the joint World Bank-IMF Development Committee meeting in Washington on 26 April 2009 by Mr. Angel Gurria, OECD Secretary-General, and Mr. Eckhard Deutscher, Chair of the OECD Development Assistance Committee (DAC).
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.
Mr. Gurría presented in Beijing the 2008 OECD Investment Policy Review of China which assesses recent developments in the Chinese investment environment and focuses on the government’s efforts to encourage responsible business conduct in China, as well as by Chinese enterprises operating abroad.
OECD Secretary-General Angel Gurría has warned of a “crisis of globalisation” if governments succumb to protectionist pressures. Speaking to the International Chamber of Commerce in Paris, he said emergency stimulus measures taken by governments during the crisis needed to be carefully conceived and monitored to preserve the long-term strength of the economy.
El papel de América Latina en la construcción de un nuevo sistema financiero y económico internacional tiene que ser relevante. La experiencia acumulada en la gestión de crisis financieras y programas de recuperación en la región es importante, según el Secretario general de la OCDE.
Latin America has a major role to play in building a new international financial and economic system, since it has accumulated substantial experience in managing financial crises and recovery programs, according to the OECD Secretary-General.
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.