OECD - The Financial Crisis, Reform and Exit Strategies (2009).pdf - The Financial & Economic Crisis - pawkoch

The Financial Crisis

REFORM AND EXIT STRATEGIES

The Financial Crisis

REFORM AND EXIT STRATEGIES

ORGANISATION FOR ECONOMIC CO-OPERATION

AND DEVELOPMENT

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domestic and international policies.

The OECD member countries are: Australia, Austria, Belgium, Canada, the Czech Republic,

Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea,

Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic,

Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The Commission of

the European Communities takes part in the work of the OECD.

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This work is published on the responsibility of the Secretary-General of the OECD. The opinions

expressed and arguments employed herein do not necessarily reflect the official views of the

Organisation or of the governments of its member countries.

ISBN 978-92-64-07301-2 (print)

ISBN 978-92-64-07303-6 (PDF)

Also available in French: La crise financière : Réforme et stratégies de sortie

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Foreword

The crisis that struck in 2008 forced governments to take

unprecedented action to shore up financial systems. As economic

recovery takes hold, governments will want to withdraw from these

extraordinary measures to support financial markets and institutions.

This will be a complex task. Correct timing is crucial. Stepping back

too soon could risk undoing gains in financial stabilisation and

economic recovery. It is also important to have structural reforms in

place so that markets and institutions operate in a renewed

environment with better incentives.

From the start OECD has said "Exit? Yes. But exit to what?" It is

obvious that financial markets cannot return to business as usual. But

the incentives and failures that led institutions to this perilous

situation were many: remuneration structures, risk management,

corporate board performance, changes in capital requirements,

etc.; and they interacted in unexpected ways with tax rules and even

the structure of institutions themselves. Sorting through all these

issues will take time, but some are urgent. There can be no question

that the effort is necessary. Financial markets cannot again be

allowed to expose the global economy to damage like what has been

suffered over the past year.

Two questions, then, are at the core of this report: How and when

can governments safely wind down their emergency measures? And

how can we sensibly reform financial markets? The purpose is to

draw together and demonstrate the interconnections among a wide

range of issues, and in doing so to contribute to global efforts to

address these challenges.

Carolyn Ervin

Director, Financial and Enterprise Affairs

OECD - The Financial Crisis, Reform and Exit Strategies (2009).pdf

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