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

1/1 - GREAT RECESSION AND OECD POLICY GREAT RECESSION AND OECD POLICY

RECOMENDATIONSRECOMENDATIONS OECD PRODUCTS, THEIR BROAD CONTENT AND OECD PRODUCTS, THEIR BROAD CONTENT AND

AIMAIM- OECD SOECD STRATEGIC RESPONSE TO THE FINANCIAL TRATEGIC RESPONSE TO THE FINANCIAL

AND ECONOMIC CRISIS, END 2008AND ECONOMIC CRISIS, END 2008- UPDATED IN MARCH 2009 AS UPDATED IN MARCH 2009 AS "T"THE HE RROAD TO OAD TO

RECOVERYRECOVERY””  -  HOW TO MITIGATE THE IMPACT OF THE -  HOW TO MITIGATE THE IMPACT OF THE

RECESSIONRECESSION (FISCAL STIMULUS)(FISCAL STIMULUS)

- -  POLICIES TO CHART THE ROAD TO A POLICIES TO CHART THE ROAD TO A STRUCTURALLY BETTER UNDERPINNED STRUCTURALLY BETTER UNDERPINNED RECOVERY AND GROWTHRECOVERY 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 ENLARGEMENT: INITIAL MEMORANDA PRESENTED BY SLOVENIA,PRESENTED BY SLOVENIA, ESTONIA, ESTONIA, CHILE, ISRAELCHILE, ISRAEL

-   AND RUSSIA?-   AND RUSSIA?

-   ENHANCED ENGAGEMENT: CHINA, INDIA, -   ENHANCED ENGAGEMENT: CHINA, INDIA, BRAZIL, SOUTHBRAZIL, SOUTH AFRICA, INDONESIA AFRICA, INDONESIA

- - WHY AND HOWWHY 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