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OECD sets out framework for overhaul of financial regulation

Posted by benjamin-nicolau en diciembre 4, 2009

OECD sets out framework for overhaul of financial regulation

The OECD has established a set of key principles to guide financial policy makers as they look to fundamental reform that will achieve strong, resilient financial systems that play their part in driving economic growth. Among the issues they address are the need for increased transparency, more effective surveillance and greater accountability to the public.

Welcoming the agreement of member countries on the principles, OECD Secretary-General Angel Gurría underlined the importance of well-thought out reform for sustainable economic growth: “The systemic importance of the financial system was clearly demonstrated by the huge human and social impact of the crisis.

To prevent its recurrence, we need to correct a number of failures, including of regulation, supervision, corporate governance and risk management. This is a major task and to accomplish it, we cannot rely only on incremental, piecemeal reform” said Mr Gurría. “We must get the whole system right so that the financial sector can effectively resume its vital role in the functioning of the global economy,” he added.

Increasing transparency is key. The complexity and opaqueness of products made risk assessment difficult for firms and investors and hindered market transparency, a major cause of the crisis. The principles call for domestic and international efforts to ensure that comprehensive, relevant, up-to-date and internationally comparable statistics and indicators are available. Governmental authorities should have the legal powers to compel the collection and dissemination of data.

Surveillance and analysis of the financial system should be strengthened, involving close cooperation among governments. Market failure analysis should be carried out to assess the efficiency of the system and understand evolving problems.

The principles also underline the need for greater accountability of governments. Governmental authorities, including regulators, should publish annual reports that give an overview of developments in the financial system, identify key risks and explain how they are addressing them.

Ongoing review and reform are critical to ensure that governmental authorities stay on top of innovation, develop a comprehensive view, coordinate their actions, and are held to account.

This work has led to the elaboration of ten key principles for financial regulation and is already providing the basis for more targeted OECD analysis, for example, of ways to address the specific challenges of designing a proper regulatory approach to financial innovation.

SOURCE pecd

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some tentative signs of economic improvement

Posted by benjamin-nicolau en abril 10, 2009

some tentative signs of economic improvement

Composite Leading Indicators continue to signal deep slowdown in OECD area OECD composite leading indicators (CLIs) for February 2009 continue to point to a deep slowdown for all the major seven economies.

Although some tentative signs of improvement in the rate of deterioration in the outlook are appearing in some countries, noticeably Italy, France and in some of the smaller OECD countries, the emphasis on ‘tentative’ cannot be overstated.

The picture for all countries remains weak with the outlook in the United States, Canada, Japan and the major non-OECD member economies in particular, further deteriorating since last month.

The CLI for the OECD area decreased by 0.6 point in February 2009 and was 9.7 points lower than in February 2008. The CLI for the United States fell by 1.1 point in February and was 11.8 points lower than a year ago.

The Euro area’s CLI decreased by 0.2 point in February and stood 8.2 points lower than a year ago. In February, the CLI for Japan decreased by 1.5 point, and was 11.2 points lower than a year ago.

The CLI for the United Kingdom fell by 0.2 point in February 2009 and was 6.6 points lower than a year ago.

The CLI for Canada decreased by 1.2 point in February and was 10.6 points lower than a year ago.

For France, the CLI increased by 0.1 point in February but was 4.7 points lower than a year ago.

The CLI for Germany fell by 0.3 point in February and was 12.9 points lower than a year ago.

For Italy, the CLI increased by 0.4 point in February but stood 4.1 points lower than a year ago.

The CLI for China decreased 0.7 point in February 2009 and was 12.5 points lower than a year ago. The CLI or India fell by 0.8 point in February 2009 and was 10.1 points lower than in February 2008. The CLI for Russia decreased by 1.9 points in February and was 19.7 points lower than a year ago. In February 2009 the CLI for Brazil decreased by 2.4 points and was 12.1 points lower than a year ago.

 

Indicateurs composites avancés de l’OCDE des signes de possible amélioration des perspectives de croissance semblent se dessiner en France et Italie Les indicateurs composites avancés continuent de signaler un profond ralentissement dans la zone OCDE

Les indicateurs composites avancés, pour février 2009, continuent d’indiquer un profond ralentissement dans les sept grandes économies. Bien que des signes de possible amélioration des perspectives de croissance semblent se dessiner, plus particulièrement en Italie, en France et dans certains autres pays de l’OCDE, son importance ne doit pas être surestimée.

Les perspectives de croissance restent faibles par rapport au mois dernier pour les États-Unis, le Canada, le Japon et se sont même détériorées pour les grandes économies non membres de l’OCDE. L’indicateur composite avancé pour la zone OCDE a diminué de 0,6 point en février 2009 et est inférieur à 9,7 points de son niveau observé en février 2008.

Pour les États-Unis, l’indicateur composite avancé a diminué de 1,1 point en février et est inférieur de 11,8 points de son niveau observé un an auparavant. L’indicateur composite avancé pour la zone euro a diminué de 0,2 point en février et reste en dessous de 8,2 points de son niveau observé il y a un an. En février, l’indicateur composite avancé pour le Japon a diminué de 1,5 point et est inférieur de 11,2 points de son niveau observé il y a un an. L’indicateur composite avancé pour le Royaume-Uni a diminué de 0,2 point en février 2009 et est 6,6 points en dessous de son niveau observé il y a un an. L’indicateur composite avancé pour le Canada a diminué de 1,2 point en février et est 10,6 points en dessous du niveau enregistré un an plus tôt. L’indicateur composite avancé pour la France a augmenté de 0,1 point en février mais est 4,7 points en dessous de son niveau observé il y a un an.

L’indicateur composite avancé pour l’Allemagne a diminué de 0,3 point en février et son niveau est inférieur à celui d’il y a un an de 12,9 points. L’indicateur composite avancé pour l’Italie a augmenté de 0,4 point en février mais est 4,1 points en dessous de son niveau observé un an auparavant. L’indicateur composite avancé pour la Chine a diminué de 0,7 point en février 2009 et est 12,5 points en-dessous de son niveau observé il y a un an. L’indicateur composite avancé pour l’Inde a diminué de 0,8 point en février 2009 et est 10,1 points inférieur à son niveau observé en février 2008. L’indicateur composite avancé pour la Fédération de Russie a diminué de 1,9 point en février et son niveau est 19,7 points inférieur à celui enregistré il y a un an. En février 2009, l’indicateur composite avancé pour le Brésil a diminué de 2,4 points et est inférieur de 12,1 points de son niveau observé il y a un an.

Source OCDE OECD

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