Achieving an inclusive and sustainable recovery in Greece

by Mauro Pisu and Tim Bulman, Greece Desk, Economics Department Greece is finally recovering from a deep depression. In 2017 GDP expanded by 1.3%, according to initial estimates, and is projected to accelerate to 2% in 2018 and 2.3% in 2019 (Figure 1). Labour market reforms have improved competitiveness and exports are leading the expansion. … More Achieving an inclusive and sustainable recovery in Greece

The Italian banking system at a turning point – The Italian View

by the Italian Ministry of Economy and Finance, Pier Carlo Padoan, Italy’s Minister of finance, was OECD Deputy Secretary-General and Chief Economist from 2009-2014). The Italian banking system has long since been waiting for a comprehensive reform addressing structural inefficiencies and structural rigidities. As of 2014, the Government has defined a comprehensive reform plan while also tackling … More The Italian banking system at a turning point – The Italian View

Central bank negative deposit rates and the banking sector

By Kei-Ichiro Inaba and Lukasz Rawdanowicz, Macroeconomic Policy Division, OECD Economics Department The ECB, the Bank of Japan and five other central banks in Europe have applied negative interest rates on commercial banks’ reserves. This additional monetary policy stimulus, following large asset purchases by central banks in some of these areas, should boost the economy and … More Central bank negative deposit rates and the banking sector

Yes, finance fuels income inequality

by Boris Cournede, Senior Economist, Public Economics Division OECD Economics Department The Great Financial Crisis has prompted a lively debate, where the financial sector has been accused of not only triggering crises but also concentrating income in the hands of a few. The Occupy Wall Street movement in New York coined the slogan “we are … More Yes, finance fuels income inequality