Financial Transparency Coalition

Statement by the Organisation for Economic Co-operation and Development (OECD)

As we face up to the worst recession for decades, the OECD is working to help governments soften the impact of this crisis for those who will be worst hit and to lay the foundations of a stronger global economy for the generations to come.                                     

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Our strategic response to the crisis covers two main areas. We emphasise the need to align regulations and incentives in the financial sector to ensure tighter oversight and risk management. And we urge governments to review and upgrade their national policies and improve international coordination in order to restore the conditions for economic growth.

Nearly all OECD countries can enact growth-enhancing structural policies that could potentially enhance short term, as well as long-term growth. These include reforming anti-competitive product market regulation and reducing tax burdens for low-income workers, as well as launching major infrastructure projects and compulsory training programmes for the unemployed.  

Beyond such actions, however, we need to re-think how the world economy operates. Our goal must be a global economy that is not only stronger but also cleaner and fairer.

To make the economy stronger, we need to revitalise it by:

• improving regulation 
• strengthening corporate governance  
• promoting trade, investment and competition 
• developing policies for sustainable growth

To make it cleaner, we need to restore trust in globalisation by:

• promoting transparency and integrity
• fighting corruption and money-laundering
• combating tax evasion 
• tackling climate change

To make it fairer, we need to share the benefits of prosperity by:

• boosting employment and social inclusion
• fostering development 
• providing adequate education and healthcare 

Only once these conditions are met will we be able to look forward to stable growth and increasing prosperity. The long term begins now. We have no time to waste.