Directorate for Financial and Enterprise Affairs

Launch of the 2015 OECD Business and Finance Outlook


24 June 2015 - Paris, France

‌The OECD Secretary-General Angel Gurría launched the OECD Business and Finance Outlook at a high-level roundtable in Paris on 24 June 2015. This report looks at the way in which companies, banks, institutional investors and shadow banking intermediaries are operating in the low growth and low interest rate environment and the build-up of risks in the financial ‌‌system. The "promises" of growth, employment, and retirement income are seen to be at risk in the absence of policy actions.


Keynote speech by Angel Gurría

Special address by Klaas Knot

Special address by Ignazio Visco

Closing remarks by Gabriela Ramos

Powerpoint of selected charts

Highlights brochure | en français

Low interest rates threaten solvency of pension funds and insurers | en français



Session 1: The low growth environment and financial risks

  • Investment trends: short-termism or investing for long-run growth
  • The emergence of shadow banking and new risks of leverage and liquidity
  • Are low rates here to stay? What are the policy implications?

Session 2: Are pension funds and life insurers in peril?

  • Pension funds and annuities – can the promises be kept?
  • Search for yield and impact on markets
  • Policy implications and responses‌

The roundtable was attended by representatives from the banking, insurance and pension fund sectors, senior pensions and insurance regulators, financial industry representatives, academics, journalists and other stakeholders.




Angel Gurría, Secretary-General, OECD

Adrian Blundell-Wignall, Special Advisor to the Secretary-General on Financial Markets; Director, Directorate for Financial and Enterprise Affairs, OECD

Mark Burgess, former CEO of Australia’s Future Fund

Stefan M. Gavell, Executive Vice President and Head of Regulatory, Industry and Government Affairs, State Street Corporation

Rene Karsenti, President, International Capital Market Association

Klaas Knot, President, De Nederlandsche Bank

Antoine Lissowski, Deputy CEO and CFO, CNP Assurances

Darren McShane, Executive Director, Mandatory Provident Fund Schemes Authority, Hong Kong, China, Chair of the IOPS Technical Committee

Gabriela Ramos, OECD Chief of Staff and Sherpa to the G20

Urs Ramseier, CIO and Chairman, Twelve Capital

Dominic Rossi, Global CIO, Equities, Fidelity Worldwide Investment

Ignazio Visco, Governor, Banca d’Italia

Klaus Wiener, Chief Economist, Generali Investments Europe

Larry Zimpleman, Chairman and CEO, Principal Financial Group


Axel Threlfall, Editor-at-Large, Reuters

Giada Vercelli, Euromoney




PHOTO BOOKLET of the 2015 launch and roundtable

 View more photos on Flickr

VIDEO of the 2015 launch and roundtable


SELECTED CHARTS from the 2015 Outlook


PODCAST: ShareRadio interviews Adrian Blundell-Wignall about the business and finance outlook

PODCAST: La OCDE alerta sobre el futuro de los negocios, entrada con Pablo Antolín



The greatest puzzle of today: A preview of what's in the Outlook by Adrian Blundell-Wignall | pdf format


Ageing and pensions: The challenges facing pension systems by Pablo Antolín-Nicolás


The Long-Term Investment Challenge by Angel Gurría


Lifting investment for higher sustainable growth - Chapter 3 from the 2015 OECD Economic Outlook.





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