The enlarged Assembly – extended to comprise parliamentarians from non-European OECD member countries – today voiced its concern about the sharp deterioration of public finances caused by governmental stimulus programmes and rescue packages. The parliamentarians pointed out that even though the OECD describes the situation as relatively auspicious, with a global growth rate of 2.8% expected in 2011, the countries facing budgetary problems need to accelerate the pace of fiscal consolidation.
In order to counter ongoing market instability, the enlarged Assembly considers it vital for the OECD’s proposals in this field to be fully implemented, including reinforcing regulation and financial supervision and improving tax transparency, risk management and corporate governance.
Lastly, following the conclusions of the Rapporteur, Juan Moscoso del Prado Hernandez (Spain, SOC) on this matter, the enlarged Assembly called on governments to tackle the problem of economic imbalances by implementing structural reforms, notably by means of measures to correct levels of savings, investment and consumption. This should be accompanied by policies to encourage competitiveness and job creation.