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.
According to Mr. Gurría, the first decade of Economic and Monetary Union (EMU) has been a success, but the onset of recession amid ongoing financial turmoil has created new challenges for monetary and fiscal policy implementation, liquidity management and the regulation and supervision of European financial institutions.
While political will is necessary to tackle climate change, financial measures are needed to keep down the cost of action. According to Angel Gurría, "Ministers of Finance share a common responsibility to help shape cost-effective policies to respond to climate change."
OECD will support the global concerted effort to re-launch the world economy with analysis and recommendations for more effective regulation and policies for a return to sustainable growth.
Donors should honour their aid for trade pledges to developing countries despite the economic crisis, said OECD Secretary-General Angel Gurría as he opened the OECD Policy Dialogue on Aid for Trade, held in Paris on 3 November 2008.
In the midst of this financial crisis of global proportions, development aid budgets will be one of the areas of public spending under pressure as donor countries face up to the fiscal effort needed to restore the financial system. Despite these difficult circumstances, we must keep protecting and strengthening our development commitments, according to Mr. 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.
Given that the majority of the world’s population lives in cities accounting for 60 to 80 percent of emissions, cities are key actors in our efforts to achieve long-term sustainable solutions to the global climate change challenge, according to Mr. Gurría.
In the lead-up to joining the European Union, Hungary made significant progress in reducing air and water pollution and protecting its nature and biodiversity, according to Mr. Gurría. However, he recommended that Hungary redouble its efforts, in order to further reduce pollution and use energy and raw materials more efficiently.
Governments which are successful at reforming empower their people to make the most of globalisation, creating a favourable environment for education, for business, for innovation and for sustainable development, according to Mr. Gurría.