Last quote about OECD
All quotes about OECD
At the G20 from the very beginning we have been promoting trade as an element of growth, as an element also that can detonate investment flows, which is very crucial for the growth of tomorrow.
We should build a statue in their honor because they have been heroes. Everywhere you have a fatigue for reform … that's very serious.
In the past, when you needed information, you went to an encyclopaedia, you looked it up, and you could trust that information to be true. Social media is designed to create an echo chamber. We are likely to talk with people who are like us. Who think similarly to us. That's really I think an outcome of the thinking that there is only one truth and there's only one way to live. I think that social media can reinforce that. The algorithms underpinning them tend to relate people to people who are similar, rather than creating spaces for people to discuss debate and find common ground.
The less good news is that progress on reforms related to longer term productivity growth, reforms in that area have slowed down. That's bad news because ultimately productivity growth is the wherewithal by which we have higher living standards in the longer term. There has been a bit of a hunkering down by labour, you can understand that. I don't want to change my job because I dont see any other ones out there.' You've got businesses saying 'Why should I change what I am doing, I don't see a lot of sales happening.
It was January and February 2016 when we committed to broadening the scope of growth to productivity, employment and inclusivity. So we were in advance of Brexit, we were in advance of the Trump vote. But we understood at the time that there were these growing concerns about the distribution of growth and that we had to take that on full force.
Not only the G20 but the IMF and OECD have said protectionism damages global trade and global economic growth, and that it is necessary to maintain free trade and investment. Japan's stance on this will not change. The momentum for inflation to accelerate to 2 per cent remains in place but lacks strength. The BOJ will continue to promote powerful monetary easing ... to achieve its price target at the earliest date possible.
Not only the G20 but the IMF and OECD have said protectionism damages global trade and global economic growth, and that it is necessary to maintain free trade and investment. Japan's stance on this will not change. The momentum for inflation to accelerate to 2 percent remains in place but lacks strength. The BOJ will continue to promote powerful monetary easing ... to achieve its price target at the earliest date possible.
In Japan, trend inflation has been moving sideways. The momentum for inflation to accelerate to 2 percent remains in place but lacks strength. The BOJ will continue to promote powerful monetary easing under the yield curve control framework to achieve its price target at the earliest date possible. I don't think U.S. interest rate developments will immediately have a severe impact on emerging economies. But we need to watch developments carefully.
Monetary policy steps affect the economy and prices through markets and financial institutions' activities, so it's important to explain in easy terms the thinking behind our decisions and how we see the economy and prices. We need to look at various price indicators as well as factors that determine underlying trend inflation, such as the output gap and medium- to long-term inflation expectations. We won't immediately change our yield target just because a particular price indicator reaches a certain level.
But Japan's economy is recovering moderately. Price growth remains around zero but is likely to accelerate toward 2 percent, albeit gradually. I don't think we need to think about (deepening negative rates) now.
I don't see the need to raise our yield target just because a central bank of another country raises rates ... Currency rates move on various factors, not just on interest rate differentials. As for Japan's economy and prices, downside risks still exceed upside risks. I don't think we can say that downside risks subsided significantly. If we need to expand stimulus, I won't rule out the chance of deepening negative interest rates.
The UK lags behind competitors on R&D spending, so the committee hits the right note in their call for more investment. In this, the private sector and Government both have a major role to play. Making this a reality is a complex task and so the Committee rightly highlights the value of the R&D tax credit and grants to business.
Without a healthy commercial demand for R&D, the scope for universities to engage more in technology transfer is limited. Progress on this front is disappointing. The overall R&D intensity of the UK business sector is still too low compared to other OECD countries. Encouraging British business to invest more in UK R&D should be a key goal of the Government's Industrial Strategy.
In terms of what that means for the UK economy, it shows that consumer spending is starting to slow and that's something we expected to happen. However, it's a little bit of a concern given that consumer spending is what has propped up UK GDP growth over the last year.
The economic nationalism is a much bigger wildcard because we don't know how the language translates into policy at this point.
As a government, we are extremely mindful of these differences.
All countries involved remain resolute in the determination to achieve a higher level of conformity. It was evident in the last quarter of 2016 that total OECD commercial oil stocks were falling, and it is expected that we will see a further drop during 2017.
We are seeing an alarming scale of youth unemployment, the highest in the world. Young people express lower levels of trust in government than their parents. Yet the Arab youth are more educated and connected than ever and represent one of the biggest assets of region.
Gender balance is an important lever.
"Our view has always been that there was a good chance of an extension largely because we always recognised that the focus was on bringing down that overhang and that that process is very likely to take more than six months,"
"What it (OPEC and non-OPEC cut) does is basically avoid an even worse surplus than what has been the case in 2015 and the first half of 2016,". "But it does not eliminate (the surplus) in the first half of the year,".
"If OECD stocks were to continue to draw in 2017 at the same pace as that seen over July-December, then it would take us around a year to return to the five-year average in stocks,"
"It could be higher if the current higher demand trend persists,"
What it (OPEC and non-OPEC cut) does is basically avoid an even worse surplus than what has been the case in 2015 and the first half of 2016. But it does not eliminate (the surplus) in the first half of the year.
It could be higher if the current higher demand trend persists.
If OECD stocks were to continue to draw in 2017 at the same pace as that seen over July-December, then it would take us around a year to return to the five-year average in stocks.
Our view has always been that there was a good chance of an extension largely because we always recognised that the focus was on bringing down that overhang and that that process is very likely to take more than six months.
We've done a lot more training, more hiring, getting prepared for an upturn.
We're looking for copper, zinc and nickel. We aren't against making acquisitions, but the assets that we're looking for just aren't there. That leaves exploration.
At quiet periods in the cycle, we will typically press out into non-OECD countries. But at the moment, we're focusing on the OECD, predominately the Americas, and predominately for copper.
There's more appetite for them to try new things, whereas before they were shelving a lot of projects.
Governments could spend 20 percent less on health care and still improve patients' health.
Efforts to increase the use of generics are now being hampered by regulatory obstacles.
Sustainable progress toward better value from health care can only be achieved if health-care providers are on board and encourage local patient-safety initiatives.
People are coming here – some of them without any schooling at all. Especially some women that didn't have the chance to go to school in their home country because they were girls. And of course that is a challenge – How can we adjust the education system so that these people will be able to catch up the educational level so that they will be able to enter the labour market. But of course, we also need to help those who might not be able to catch up with the educational level that is normal in the Swedish labour market – to have step stones into the labour market also.
Never have I seen such a global infrastructure deficit particularly in the OECD countries, at a time when a lot of these governments are struggling financially. Yet third-party capital is struggling to get access.
For non-OPEC expect cuts of 600,000 barrels per day or more... This is a very historic meeting... This will boost the global economy and will help some OECD countries to reach their inflation targets.
It's a combination of factors. I think most importantly that they establish very high ambition in terms of what the students can make. They focus their resources and the efforts not only of the school but also the families, investing in high quality education. And most importantly they invest a lot in their teachers.
We measure our progress against that standard. We hold people accountable for those results and we support them to reach the results financially.
Students are often good at answering the first layer of a problem in the United States. But as soon as students have to go deeper and answer the more complex part of a problem, they have difficulties.
This pattern that we're seeing in mathematics seems to be consistent with what we've seen in previous assessments . . . everything is just going down.
Despite the fact that Hillary Clinton won the popular vote, this report provides further evidence to suggest that the shock win for Donald Trump has had a positive impact on sentiment.
Most of the signs of the low-growth trap that we have been talking about for a long time now are still there. In fact, however, there is reason to hope that the global economy may be at a point of inflection.
Madam Minister, thank you for joining us at the Council of Europe on the sidelines of the World Democracy Forum. Recent studies of the French school system show that France has been the most unequal country in the OECD for many years.
The U.S. has been blighted by counterfeiting for a longtime; a point that was emphasized by the OECD earlier this year. Its report …showed that the US accounted for 20 percent of the total value of global fake goods seizures in 2013.
The increase in life expectancy is to be celebrated, of course, but differences remain both across and within countries; people in Western European countries live on average five years longer than those in central and eastern Europe. Within countries the most educated live around seven years longer than those with the lowest level of education.
With a long-standing and established presence in the energy sector, the bank intends to be a major financer of the energy transition and undertakes to support its clients in this necessary area.
Panama's decision to sign the multilateral convention is a confirmation of its commitment to take the necessary steps to meet international expectations in the fight against tax evasion. It also sends a clear signal that the international community is united in its efforts to stamp out offshore tax evasion. We will continue our efforts until there is nowhere left to hide.
With this convention, Panama will have to exchange information with more than a 100 countries without condition.
We hope that Panama has really turned the page.
If Iran actually has had more oil in offshore storage than [some analysts] report, it could mean that Iran's production levels are less than otherwise believed and that its exports over the last few months have come from stored oil.
By no means is the crude overhang gone.
The contango market is no longer working and Dubai is in backwardation.
They earn less money and to be resistant against shocks you have to make more profit, and that's a common opinion from the International Monetary Fund, from the World Bank, from the OECD, from everybody.
It's very important, considering the complex international backdrop of low copper prices, that we've been able to decrease poverty in Chile.
What's important here is that we're talking about 400,000 people who have left poverty.
This is not a pretty picture for global growth. Across the board a three per cent growth rate is insufficient to keep promises to citizens.
This is not a pretty picture for global growth. Across the board a three percent growth rate is insufficient to keep promises to citizens.
If we could get back on track with the kind of trade growth that we had in the 1990s and 2000s, we would be able to return to productivity growth rates prior to the financial crisis. Productivity has basically fallen by half since the financial crisis and that is a recipe for breaking promises to all of our citizens.
Productivity has basically fallen by half since the financial crisis and that is a recipe for breaking promises to all of our citizens.
We're going to be modifying those into one, single multilateral agreement by all the parties involved so that everybody can move towards a transparent world, one where can avoid avoidance of tax payments.
The TTIP rules make a lot of sense. But that's why it's so difficult and so important, that's why it's going to take time. We believe it's a win-win proposition, we believe it should be pursued.
Trade growth is below 3 percent, it should be at 6-7 percent and act as a locomotive ... We look like we're going backwards.
It is extremely difficult and the interests are very clear, visible and political as well, but it's possible. We have proven (that) at the WTO often – we had the Bali deals two years ago; just last year, another one.
We are only two months away from the U.S. election and again the mood in the U.S. is, at least from the speeches, very anti-free trade and at the same time in Europe, you have a very low growth period.
When we talk about trade, most of the times, it's making a relationship between trade and unemployment. Trade is not the cause of unemployment. In fact, the biggest drivers of unemployment are innovation and increased productivity. More than 80 percent of unemployment caused in those countries (U.S. and Europe) is due to those two factors, so trade is a minor component of that.
Trade growth is below 3 percent, it should be at 6-7 percent and act as a locomotive and what are we seeing? We look like we're going backwards.
(The European Union) came out strongly saying no, (German Chancellor) Angela Merkel came out and strongly saying no, we're on it and working on it. U.S. said we're working it. All I'm saying is the symptoms and the signals are not good so we have to overcome them.
A deal that important, that meaning(ful), will be tough.
That may lead to the wrong policies and the wrong decisions, as we come to the situation where a new government is in place.
Despite the revision, the figures are in line with expectations for a recovery in the second half of the year, unless there is a further slump in private consumption.
Nothing is impossible in the current situation.
With interest rates at historic lows, essentially the government can borrow for free. It has been obvious to almost all economists that increasing public sector investment is sensible. That consensus has been bolstered by the like of the IMF (International Monetary Fund) and OECD (Organization for Economic Co-operation and Development).
You can't end poverty without more trade, not less trade. I'm very concerned about it and I think all of us in the multilateral system have to really speak out about how important it is to continue the process of global integration, of trading with others.
They will have two options.
There were suggestions that markets were disappointed that PM Abe only announced the widely expected postponement of the sales tax increase and nothing specific on near term fiscal stimulus.
Global growth is projected to pick up only modestly in 2017, 3.3 [percent]. Moreover this pick up hinges on avoiding significant downside risks like Brexit, like financial disruptions in emerging markets that are linked to high corporate debt and also to exchange rate risks.
This low growth of consumption then feeds back into firms' expectations about demand growth. And it results in weak investment. And, there we go again. Of course, the story doesn't fit every single country in this precise way. There are additional shocks and additional factors at play. But overall, something like this dynamic appears to have been affecting the world economy over the past five years. It is a dynamic in which chronically weak demand interacts with a lack of structural dynamism to produce slow growth, scarred labour markets and dangerously low inflation.
The low interest rate environment created by the central banks opens up fiscal space to governments and we are saying that you should use it.
It still seems unlikely that the Fed would move in June, firstly because there may not be enough positive data available to act with confidence, and secondly because to do so would suggest that the U.S. central bank doesn't really consider the U.K. referendum a significant enough tail risk, despite all the siren calls to the contrary, from bodies like the IMF, OECD, World Bank, not to mention President Obama.
Our conclusion is unequivocal. The UK is much stronger as a part of Europe and Europe is much stronger with the UK as a driving force. There is no upside for the UK in Brexit.
The best outcome under Brexit is still worse than remaining an EU member whilst the worst outcomes are very bad indeed. Why would anyone want to give up this truly win-win proposal? The 'Brexit tax' would be a pure dead-weight loss, a cost incurred with no economic benefit. And this tax would not be a one-off levy. Britons would be paying it for many years.
We made a whole series of calculations and we came out saying Brexit is a tax…. It's equivalent to roughly missing on one month's income within four years and then it carries on … and there's a consistent loss.
This is not wishful thinking, which we believe that the Brexit camp has in many cases been assuming on a number of things that, you know, could go in their way. There is no kind of deal that could go better by yourselves than you would be in the company of the Europeans.
New Zealand has had the same tax laws when it comes to trust since 1988. New Zealand also had a review undertaken by the OECD (Organisation for Economic Co-operation and Development) in 2013 and they gave New Zealand a clean bill of health.
Collective fiscal action on quality projects and more ambition on structural policies that would promote synergies through the private sector would raise global GDP growth and reduce financial risks.
The global recovery continues, but it is still mired by high levels of unemployment, rising inequalities and low wage and low productivity growth.
Inequality in OECD countries is at its highest since records began.
When you combat inequality and you put money in the sectors that are with less income, you have as results not only more welfare for them, but also macro-economically speaking more demand.
Yes, there is a sense of urgency, yes there is a sense of the need to address the issues. And more and more there is a shared conviction that these are economically inconvenient and politically unsustainable issues, and therefore they have to be addressed.
As John F. Kennedy used to say: A rising economic tide lifts all boats. But in today's reality, only yachts go up whereas too many rafts remain stuck in the mud.
Demand growth will be impacted on account of the slowdown in Chinese demand growth, increase in efficiencies in the OECD (Organisation for Economic Cooperation and Development) countries, substitution from natural gas and removal of subsidies in developing countries.
It is really time to reestablish fiscal fairness so that businesses pay what they owe to the public purse….their fair share in the right place.
I personally don't feel I am on a leash. I feel that maybe for the first time, Greece has the resolute determination to go ahead with reforms, with cooperation from the institutions.
Well, first of all, I think that the countries that have been under market pressure – that includes Italy, Spain, Greece, Ireland and Portugal – are the ones who have been doing more structural change. I have to say that Italy is belatedly – [although] not at the same speed – doing things now. And Mr Renzi not only has the political backing but also the decision[-making ability], the courage.
And how do you use the limited room that countries have these days in order to stimulate? How do you use the limited room you have in very tight budgets in order to 'go structural'? ...And at the same time make sure that you pick up the victims, the people who are more vulnerable. There are millions of them around the world, because this has been the biggest crisis we have ever seen in our lifetimes.
Frankly, I think they are getting results because they did it. Why is Spain turning around? Because they did very tough things two years ago, three years ago. Now they are growing, unemployment is coming down. So reform works, but you must do it well – you go deep, you go far, and you also give it time. It is not going to happen overnight.
Ángel Gurría, Italy's Prime Minister Matteo Renzi has said here in Davos that an ECB stimulus package could really give Europe a shove in the right direction, economically speaking. Your take on that?
This is not about austerity against growth. This is a false dilemma. This is about how much fiscal consolidation you need, and I stress the word 'need', and that depends on the market's perception but also objective perception.
In the US, for example, in contrast, you (they) had austerity – there is no question, you (the US) had austerity – but there you had very loose monetary policy. So the US was able to avoid the fate of Europe. So, you cannot have tight monetary policy and tight fiscal policy at the same time. That is the lesson, in the end, from Europe.
We live in very difficult times. I believe we can define this a critical moment. The situation in the euro area is rapidly deteriorating and contagion is spreading. Policy continues to be behind the curve. Not only in the euro area, also in the United States. So we think that swift and decisive action is needed to avoid the worst. But we would also like to say that things can be turned around and the situation could get much better.
The main issue has been whom has people most confidence in – most trustworthy to run the country, because the differences in the programme aren't that big it's more like which guy are you in favour of.
The question is not about three months earlier or three months later, we will have to deal with this for five, six, seven years, depending on the country. So really the difference between exiting too early or too late is very strong and our recommendation is not to exit too early.
Growth looks to be stronger in respect to what we are anticipating in the November economic outlook. It's around three percent from the G7 as a group from which we have to exclude Japan.
Of course the downside of this scenario is that there might be risks on the inflation front.
There are 3,000 accounts amounting to three billion euros. That's about a million euros per customer, so these aren't the really big counts, the big customers. For those you have ….. specialist foundations, specially created trusts, sophisticated structures that remain watertight against French investigation. That's where the billions are.
The role of the IMF is, of course, always going to be dealing with some of the major balance of payments difficulties that countries can have, and helping solve those types of problems. The other issues relate to the monitoring that the IMF can do and the early warning systems they can put in place and advancing in those directions is the way to go.
There are serious difficulties which are starting to have a direct effect on many people's lives. We're going to hire 30% fewer public sector workers in 2009. The wages of all top officials will be frozen, but only top civil servants as I will respect the agreements we reached with the trade unions with regard to public employees.
Now the consumer is affected in the day-to-day spend. We saw that was already the case in the automotive industry and in the construction industry; usually the consumer cuts first the big spends and then the small ones, so I think we're reaching the point where they [will] cut their daily spend.
The policy that I'm putting forward is one of budgetary seriousness. It is indispensable. We must become competitive again, but we must also seek growth. And that can be achieved through a re-orientation of the priorities of Europe.
What we see is continued pretty mediocre growth for the world as a whole.The message is a little bit more optimistic but it's not really a sort of 'hats in the air' kind of message. It's a little better than what we had been used to in the past but then, in the past, we hadn't been used to a lot of good news.
We are disappointed, especially as we're a member of the OECD and we had no chance to influence the criteria for this list and that's not nice. But this demonstrates that we have to work more intensively on an international level. We're doing that, we've had the first contacts about double taxation treaties, but in the end we had no influence.
Everything we need to restore confidence.
I've taken note of this list, and I noted, as did my Austrian and Belgian colleagues that we appear in it. It describes what we have done and what we are doing, but not what we've not yet been able to implement.
The decisions that were made at the G20 summit in London were good, but not really enough. The markets were moved by optimism, but the recession is probably not going to be over by the end of the year. And so more measures will be needed.
When you compare the situation of yesterday, for example, with the beginning of 2007, half a year before the financial turmoil started, I think we made great progress.
Maybe in due course we will have enough humility to go and look at those countries who are beating the pants off us and figure out how they did it.
It's not that we have slipped behind. It's that so many other countries have surged ahead. Our top tenth is not as good as the top tenth elsewhere. Our bottom tenth is well below the bottom tenth of the average OECD Country.
When I arrived here in the 2009-2010 school year, to take over as a principal, Brennan Rogers was scoring in the bottom 10% schools in the State of Connecticut. And only 30% of the 3rd graders were proficient in reading, meaning they could read solidly on a 3rd grade level.
There is a generalised recovery, but this recovery is not as strong as we would like it and not as generalised and that there are downside risks with high unemployment, with high deficits, and many consequences of the crisis for the most vulnerable. The legacy of the crisis is still there, and it is very tough for the most vulnerable.
Well, officials have already admitted on the sidelines of this summit that there will be an agreement on tax evasion and tax avoidance. It will endorse an early accord struck by G20 Finance Ministers in Moscow in July. The idea is two things really – an automatic exchange of information, which one OECD official described as the end of banking secrecy – and then having the OECD provides oversight so that companies can't shift profits around.
The OECD economies, including the euro area, are now in recession and are likely to stay there for some time amidst the worst financial crisis since the Depression. The crisis has spread to emerging economies and global trade growth is slowing markedly, with further deceleration in prospect. That means we have not seen the worst.
The global economy needs some rebalancing in exchange rates, not just the euro which has been overvalued for some time in the past, but also of course the Chinese currency, which has been undervalued for some time and it still is.
There are a number of weaknesses which weigh particularly on household behaviour…One is that the housing market has lost momentum, meaning that it's not clear what the dynamic of house prices will be. The other element which weighs negatively on households is the unemployment situation.
The current economic situation is in many ways better than what we have experienced for years.
This big capital spending programme, financed by a loan, has to work alongside our continuing efforts of reduce the budget deficit.
As a result of the recession the number of unemployed people will rise by something close to eight-million people, as tighter financial conditions, very low income-growth, and negative wealth effects, again due to lower equity prices and house prices, will dampen consumption and will also reduce significant investment.
We are going to have to face up to a very difficult and long-lasting economic crisis.
There are increasing signs that the recession is going to affect us much worse here than we thought just a few months ago. The effects of a worldwide drop in demand are only just now becoming apparent.
Global weakness and very sluggish domestic demand can be expected to persist in the last quarter of 2008 and in the next few quarters. Risks to economic growth lie on the downside, relating to concerns for a stronger impact on the real economy of the ongoing financial turmoil, protectionism and possible disorderly developments owing to global imbalances.
The business environment in Russia leaves a lot to be desired and here we can do a lot of work to improve it. There are questions of governance, there are questions of lack of transparency, in some cases of corruption and then, the question of the rule of law.
Europe was not supposed to bail anybody out, in fact it was not only not foreseen it was forbidden. So now we have a situation in which these gaps have been filled. We have created a common currency, but we did not create a banking union and we did not create a fiscal union, now we have gone back to fill those gaps and for these reasons I am saying Europe can come out of the crisis stronger, but of course that means bold courageous decisions.
We don't want to erode the rights of workers, we don't want to take away the rights already earned, but we do want to create a situation of open employment in Spain.
While we are in favour of trade and the recent Korean agreement, we are waiting to see how it is implemented. I mean we know that things were not implemented very nicely in the OECD and we fear it's true for the car industry in Europe and we hope that the safeguard clause will function.
The entire country has been affected by this. The banks were and the post offices were closed. When they reopened, everything started to get back to normal, but there are still some queues.
Britain is today experiencing the longest period of sustained economic growth since records began in the year 1701. And the foundation of this Budget is our determination to maintain British stability and growth.
They basically succeed in attracting the most talented teachers to the most challenging classrooms, they get really great principals in the tough schools.
They mobilise resources where they can make the most differences.
Many Asian systems have been able to overcome the stereotypes of rote-learning.
In the euro area Germany is growing at a healthy rate – above 2.0 percent – which is good news; but France, which is the second largest economy, will not be growing possibly at all in 2013, and will possibly start growing again in the latter part of this year and Italy continues to be in recession, although this recession is shrinking which means that Italy might see positive growth at the end of 2013.
The uncertainty surrounding this outlook for economic growth remains high and downside risks prevail. In particular, risks continue to relate to the potential for financial market turbulence, to have a more negative impact on the real economy than anticipated. Inflation rates have risen significantly since the autumn of last year, owing mainly to strong increases in energy and food prices.
Spain is less indebted than other Western countries. But if the deficit remains at the current high level for a prolonged period of time, then things will change rapidly. That's why Spain needs to consolidate its public finances fast.
The Czech Republic has been for many many years, of the OECD countries, the least likely to get into poverty. The number of people that are at risk of poverty is the lowest, because of our very generous social system.
Income inequality in OECD countries is at its highest level in the past half-century. The average income of the richest 10 percent of the population is nine times that of the poorest ten percent across the OECD. Twenty-five years ago the number was seven times.
The purpose of this budget is to consolidate our income so as to meet our international commitments, to stay on track to reduce our debt and to make sure we reach our firm goal of a public deficit of 5.7 percent of GDP this year. This has been confirmed by the European Commission, in agreement with the OECD and the International Monetary Fund.
The structural reforms started by the Monti government in terms of fiscal consolidation, liberalisation, the simplification of labour laws and the fight against corruption create the foundation for a stronger Italy, a more competitive Italy and a fairer Italy.
Italy has been able to get off the list of countries that were a major source of problems for the eurozone and contribute to the formulation of policies for growth in the eurozone.
That kind of innovation-led growth has often been financed by the tax-payers themselves, but the rewards are not coming back, we're only socialising risks, not rewards; and that requires rethinking the tax system which has basically, since the Eighties, became increasingly regressive.
Even in countries experiencing a return to growth, that's not being seen in improved household income, but mostly in a rise of productivity.
After we have overcome this debt hurdle there will come the more difficult question of having sustainable, sustained, growth over the medium and the long term and that requires a very serious structural transformation of the Greek economy, of the Greek administration.
Of course there is space for compromise, but the basic agreement is not subject for negotiations.
The numbers now for world growth for 2013 is 2.7 percent and this is as low as it has been since the big crisis of 2009. Now we expect these rates to go back to four percent, which is where they have been for sometime in 2015, but 2013 will actually be a low growth year.
This thesis throws up the question regarding the effect of long term, low grade exposure on people. Is it likely to cause premature death in humans?
We started the summit by launching negotiations on an EU-US trade deal that could have a greater impact than all the other bilateral trade deals that are on the table.
For all those taxpayers who are Swiss residents, the banking protection will remain in place. No one can stick their nose into our bank accounts. However, banking secrecy laws cannot be used to cover up fraud.
Our decision to increase interest rates was warranted so as to adjust our accommodative monetary policy stance while taking into account the risks to price stability that we identified in our economic analysis, cross-checked with our monetary analysis.
Price stability improves confidence of the household, and when you are credible over time you have low market medium and long-term rates, which is good for growth and job creation.
You know, the landlines are not important for the economy. Firstly, it is not a monopoly, there are a lot of competitors. Secondly, if you look at the price list for the Merrill Lynch Bank of America, you can see that we have nearly the lowest OECD.
The main problem in Europe is that we have banks that are too large, too complex too interconnected to make any system and I insist any system of protecting tax payers against banks failures from succeeding.
It's after that you've got the problem and it is still going to cost money. So the key thing is to stop getting to that point.
We believe it has come down a bit, so those risks are smaller, but they are not gone away. If you take the G7 as a group there is a recovery which is firming, with respect to last year's numbers, but this is clearly coming at different speeds, with North America and the United States going faster and the euro area still in a weak spot.
First of all, I agree with you that the Greek people can only take so much. The pressure is very high and the pain is very strong. I think that there has been stereotyping about Greece which is wrong. Greeks, for example, are not the laziest. We worked hardest in the European Union according to OECD figures. I give you on very small example but very important. Everything, every expenditure in Greece is now on line. Everyone around the world can check what expenditures we have. That we did. That was one of the reforms, small you may say, but very crucial.
We are pushing for bold action to stimulate job creation for young people, even unorthodox measures that you don't necessarily consider in normal times, like some subsidies for hiring at companies.
Unemployment is at record highs and at the same time governments are having to reduce the resources they can allocate to the protection of the unemployed. It's one of the paradoxes of a crisis whose effects are destined to last for some time.
We still have 82 billion euros of unspent structural funds and most of them are for countries that basically need it or most need it. So we need to find a solution to fire them off.
In most countries both (austerity and growth measures) are needed. It you look at Greece, for example, or Spain, these countries are so heavily indebted that certainly austerity needs to continue. I think that there is no choice. Growth will be really, really crucial but a major problem is that in Europe there are very limited instruments for supporting growth.
Renouncing banking secrecy does not mean renouncing secrets of private life, but saying where money comes from and where it goes, doesn't seem excessive to me.
The commission will do its job. I won't intervene on this dossier because the competition commissioner is responsible for it.
We made enormous strides in committing ourselves to comprehensive reform of a failed regulatory system. And together, I believe that we must put an end to the bubble-and-bust economy that has stood in the way of sustained growth and enabled abusive risk-taking that endangers our prosperity.
German firms' willingness to invest is actually restrained – that's what I can say. Importers and exporters in contact with Russia tend to be more pessimist than companies that have nothing to do with Russia.The euro zone is still not in the starting blocks and the public administration at present does not provide the conditions that could boost private investments.
The mother of all firewalls should be in place, strong enough, broad enough, deep enough, tall enough, just big.
On the other hand as Finance Minister, I carry the responsibility to not allow Israel to fall into a state of economic anarchy.
We are paying close attention to the housing issue and the complaints about the high cost of living. We will consider how we can ease these problems.
Unemployment now is different because it is lasting longer. People are out of work for over six months, in many cases more than a year. These are challenges we've never faced before. There is a risk that these people won't get back into the job market.
It is imperative that governments use every possible means at their disposal to help jobseekers, especially young people, by removing barriers to job creation and investing in their education and skills.
The Euro-dollar relations are already worrying. The cause is clear. There is a double deficit in the US, a budget deficit and a current account deficit, and partnership certainly means something has to be done about it.
The eurozone is on the point of coming out of the crisis of uncertainty and instability, but we are not at the end of the road yet. We need mechanisms, rules, and above all, action.
The economic context is now of a globalised world where there are more investment and capital flows and where new forms of business are developing especially in the digital economy. We must ensure that this new form of business also pays its fair share and therefore we must avoid situations in which some companies use international and domestic law to be taxed nowhere.
I think we have an incredible opportunity to make long-term decisions for the good of our economy, for the good of our country.
The global economic outlook is still cloudy. At first sight the prospects for the global economy are somewhat brighter than six months ago. At closer inspection, the global economic recovery is weak, considerable downside risks remain and sizeable imbalances remain to be addressed. A bad outcome scenario in the euro area with implications for the rest of the world cannot be ruled out.
You have to put all the instruments on the table. We have to overshoot… If the market is waiting for 50 (ideas) then put 100 on the table.