Remarks by Angel Gurría, OECD Secretary-General Cannes, 4th November 2011 (As prepared for delivery) Thank you Mr. President. Yesterday, we discussed the current economic situation. Countries are going through challenging times and are facing very different policy requirements. However, none of them can afford to disregard additional fiscal revenues. This increases the importance of tax initiatives in the G20. The fight against tax havens is paying off. Over the past two years, and despite initial scepticism, the veil of bank secrecy has been pierced. 700 agreements have been signed as of today. The Global Forum on Tax Transparency – put in place […]
18/10/2011 – G20 finance ministers meeting in Paris have agreed new principles on financial consumer protection developed by the OECD. The principles form part of a broader initiative by G20 leaders to strengthen trust and confidence in the financial sector, which is widely recognised to have fallen since the economic crisis. “Without consumer trust and confidence we could jeopardise the basis for global economic recovery and growth,” said OECD Secretary-General Angel Gurría at a conference in Paris. “Individual households have had to bear the brunt of the consequences of this financial crisis. It has been a catalyst for developing new rules[…]
This study models the distance-to-default (DTD) of a large sample of banks from 2004 to 2011 and examines the results from the perspective of policy approaches that aim to reduce the riskiness of banks.