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

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Presentation on theme: "GREAT RECESSION AND OECD (SELECTED POLICY ISSUES) Karel Dyba."— Presentation transcript:

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

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

3 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 2008 -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

4 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

5 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

6 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

7 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


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