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Tatyana Meshkova, Yana Vazyakova

OECD Strategic Response to the Financial and Economic Crisis

2009. Vol. 4. No. 1. P. 4–14 [issue contents]

T. Meshkova, PhD in Political Science, Director of the OECD-HSE Partnership Centre of the SU-HSE International Organisations Research Institute, Y. Vasyakova, Researcher of the OECD-HSE Partnership Centre of the SU-HSE International Organisations Research Institute

The article presents OECD estimation of a current and predictaible situation in global economy, having repercussions (feeling the consequences) of economic and financial crisis, and besides OECD attitude to the G20s Action Plan, accepted in November 2008, concerned with increase of controlling mechanisms efficiency for economic growth recovery and stability achievement, and also possible OECD contribution to joint efforts on economic stabilisation, which may carry, first of all, analytical and recommendatory (advisory) character.

The article examines basic approaches to global economic stabilization, generalised in the document "OECD Strategic Response to the Financial and Economic Crisis. Contributions to the global effort" and based on both existing OECD legal instruments, and on current results of projects and investigations made by various OECD departments and national authorities of member states.

Two interconnected directions of the economy restoration provided by OECD Strategic Response are in detail considered. The first direction includes political measures (policy action), aimed at the prompt stabilisation of the economy and easing of recession influence, including: the control of financial sector, activization of financial institutions interaction, maintenance of a competition and investment flows, increase of taxes transparency and management efficiency. The second direction - all-round strategy (comprehensive strategy) - assumes taking measures for steady growth maintenance in long-term outlook (prospect), including: stimulation of a fiscal policy, keeping markets open and increase of conducting reforms efficiency, development of innovative activity and augmentation of investments into the human capital. Simultaneously OECD will be developing strategies assisting authorities gradually weaken government regulation of economy problem sectors, which have strengthen in the conditions of (during)crisis.

Citation: Meshkova Tatyana A, Vazyakova Yana A (2009) Vyzovy mirovogo ekonomicheskogo i finansovogo krizisa: strategicheskiy otvet OESR [OECD Strategic Response to the Financial and Economic Crisis] INTERNATIONAL ORGANISATIONS RESEARCH JOURNAL, 1, pp. 4-14 (in Russian)
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