GREAT RECESSION AND OECD (SELECTED POLICY ISSUES) Karel Dyba.

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Presentation transcript:

GREAT RECESSION AND OECD (SELECTED POLICY ISSUES) Karel Dyba

CONTENT 1.FINANCIAL AND ECONOMIC CRISES AND OECD POLICY RECOMENDATIONS 2.OECD ENLARGEMENT AND ENHANCED ENGAGEMENT PROGRAMME 3. CONCLUDING REMARKS

GREAT RECESSION AND OECD POLICY RECOMENDATIONS 1/1 - GREAT RECESSION AND OECD POLICY RECOMENDATIONS OECD PRODUCTS, THEIR BROAD CONTENT AND AIM -OECD STRATEGIC RESPONSE TO THE FINANCIAL AND ECONOMIC CRISIS, END UPDATED IN MARCH 2009 AS "THE ROAD TO RECOVERY” - HOW TO MITIGATE THE IMPACT OF THE RECESSION (FISCAL STIMULUS) - HOW TO MITIGATE THE IMPACT OF THE RECESSION (FISCAL STIMULUS) - POLICIES TO CHART THE ROAD TO A STRUCTURALLY BETTER UNDERPINNED RECOVERY AND GROWTH - POLICIES TO CHART THE ROAD TO A STRUCTURALLY BETTER UNDERPINNED RECOVERY AND GROWTH

1/2 - GREAT RECESSION AND OECD POLICY RECOMENDATIONS (CONTINUED) WHAT IS A SMART FISCAL STIMULUS - TIMELY, TEMPORARY AND TARGETED - FOCUS ON SHORT TERM EFFICIENCY AND LONG TERM GROWTH (INFRASTRUCTURE, TAX CUTS ON LOW INCOME LABOUR, TRAINING, R AND D, INOVATION) - MINIMAL SUBSIDIES PROTECTION OF NON- FINANCIAL FIRMS AND SECTORS - SIZE OF THE STIMULUS DIFFERS

1/3 - GREAT RECESSION AND OECD POLICY RECOMENDATIONS (CONTINUED) - NO TO TRADE AND INVESTMENT PROTECTIONISM (DOHA) - ADOPTING COUNTRY SPECIFIC STRUCTURAL REFORMS - (OECD COUNTRY ECONOMIC SURVEYS) - BETTER INTERNATIONAL COORDINATION - COMMITMENT TO MEDIUM TERM FISCAL ADJUSTMENT AND RETURN TO A SUSTAINABLE FISCAL BALANCE

2 - OECD ENLARGEMENT AND ENHANCED ENGAGEMENT PROGRAM ENLARGEMENT: INITIAL MEMORANDA PRESENTED BY SLOVENIA, ESTONIA, CHILE, ISRAEL - ENLARGEMENT: INITIAL MEMORANDA PRESENTED BY SLOVENIA, ESTONIA, CHILE, ISRAEL - AND RUSSIA? - ENHANCED ENGAGEMENT: CHINA, INDIA, BRAZIL, SOUTH AFRICA, INDONESIA - WHY AND HOW

3 - CONCLUDING REMARKS - LARGE STIMULUS: EXCEPTIONAL MEASURE REQUIRED BY EXCEPTIONAL TIMES - UNUSUAL MONETARY POLICIES AND DANGER OF INFLATION - REMOVAL OF TOXIC ASSETS FROM THE BALANCE SHEETS OF BANKS AND PRIVATE SECTOR LEAD RECOVERY (GEITHNER PLAN) - OECD ENLARGEMENT AND ENAHANCED ENGAGEMENT, CURRENT INICIATIVES