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The OECD calls for tighter regulation and oversight of financial markets and improved national policies to promote economic growth as part of a global response to the world financial crisis.
OECD Secretary-General Angel Gurria said the action plan would cover a wide range of areas, from financial regulation, corporate governance and fiscal policy to competition, employment policy, insurance and pensions.
The plan will align regulations and incentives in the financial sector so that market operators act in a tighter oversight and risk management environment. It will also review and upgrade national policies and improve policy co-ordination at the international level to restore the conditions for economic growth, Gurria said.
Efficiently functioning financial markets reliy not just on competition but also on effective regulation and supervision, Gurria underlined.