Library of Congress

Law Library of Congress

The Library of Congress > Law Library > News & Events > Global Legal Monitor

Organisation for Economic Cooperation and Development: Proposed Strategies to Address Global Fiscal/Economic Crisis

(Mar. 4, 2009) The Organisation for Economic Co-operation and Development (OECD), a 30-member body founded in 1961 that “brings together the governments of countries committed to democracy and the market economy from around the world,” recently published a booklet entitled OECD STRATEGIC RESPONSE TO THE FINANCIAL AND ECONOMIC CRISIS: CONTRIBUTIONS TO THE GLOBAL EFFORT [OECD RESPONSE] (2009). (About OECD, OECD website,
(last visited Feb. 24, 2009).)

According to the “Overview” section of the booklet, “[t]he OECD Strategic Response, which was developed with the collective inputs of the OECD Council, the Committees and the Secretariat, aims both to address the crisis and to seize the opportunity to build a stronger world economy.” (OECD RESPONSE, (last visited Feb. 25, 2009).) The OECD analysis indicates that two priority areas should be focused on: (1) finance, competition, and governance and (2) restoring sustainable long-term growth.

Under (1), the OECD considers the role played in the crisis by, and the interconnections among, such factors as incentives, corporate governance, taxation, business environment and competition policy, consumer protection and education, and regulatory management quality. Under (2), the study finds that the key components of sustainable growth should include: “keeping markets open; sound macroeconomic, fiscal and labour market policies for stability and resilience; fostering a 'green' and innovation-led recovery; advancing development; and balancing markets and policies and fostering exit from public ownership.” (Id.)

The Annex to the booklet lists short-term and long-term OECD “deliverables” in connection with the above-listed topics, which will be in the form of reports, guidelines, surveys, and the like. On its webpage “Tackling the Financial and Economic Crisis,” the OECD provides links to additional publications, statistics, speeches, and articles relevant to the crisis (
(last visited Feb. 25, 2009)). (See also Statement on IMF-OECD-World Bank Seminar on the Response to the Crisis and Exit Strategies, OECD website, Feb. 13, 2009, available at,3343,en_2649_33725_42177095_1_1_1_1,00.html.)