OECD Meaning

Organization for Economic Cooperation and Development, English Organization for Economic Co-operation and Development [ ɔ ː gəna ɪ ze ɪ ʃ n f ɔ ː i ː kə n ɔ m ɪ k kə ʊ ɔ pə re ɪ ʃ n ənd d ɪ veləpmənt], abbreviated as OECD by AbbreviationFinder, French organization de Coopération et de Développement Économiques [ ɔ rganizasj ɔ də ko ɔ pera sj ɔ e də devl ɔ p mã ek ɔ n ɔ mik], abbreviation OECD.

Successor organization to OEEC (Organization for European Economic Cooperation) founded by the Paris Agreement of December 14, 1960 (in force since September 30, 1961); Headquarters: Paris. The aim is to meet the economic, social and environmental challenges of globalization through cooperation between governments. The 36 member countries of the OECD are: the founding members Belgium, Denmark, Germany, France, Greece, Great Britain, Ireland, Iceland, Canada, Luxembourg, the Netherlands, Norway, Austria, Portugal, Sweden, Switzerland, Spain, Turkey and the USA as well as Italy (since 1962), Japan (since 1964), Finland (since 1969), Australia (since 1971), New Zealand (since 1973), Mexico (since 1994), the Czech Republic (since 1995), Hungary, the Republic of Korea and Poland (since 1996),

The OECD, the most important organization in the western industrialized countries, has no supranational legislative power, but prepares analyzes, recommendations and constant information. Binding resolutions (require unanimity) can also be passed by mutual agreement.

Objectives: To achieve sustainable economic development and employment as well as a rising standard of living in the member countries while maintaining financial stability in order to contribute to the development of the world economy; Promoting economic growth also in non-member countries, especially in developing countries; Favoring the expansion of world trade on a multilateral and non-discriminatory basis.

Tasks: The most important areas of responsibility are the cooperation between the member states in the areas of economic, trade, finance, tax and competition policy (creation or maintenance of free goods and capital markets, multilateral agreements for investments, structural reforms, the fight against corruption and bribery and tax competition); addressing social issues (equal access to education, promoting an effective health system) and labor market issues, as well as environmental and sustainability issues (avoiding waste of resources and pollution); developing strategies to ensure economic growth and stability. Another area of ​​activity is the publication of documentation, analyzes and statistics (e.g.

Organization: The governing body is the council, in which all members are represented by the heads of their permanent delegations (ambassadors). As a rule, meetings take place once a year at ministerial level. Most of the practical work is done in more than 200 specialist committees and working groups. Of particular importance are: 1) Economic Policy Committee; 2) Audit committee for economic and development issues, which discusses the economic situation of the member countries several times a year and is intended to serve for short and medium-term coordination of economic policy measures; 3) Trade Committee; 4) Development Assistance Committee. – The Executive Committee (14 new members elected each year; the following countries have a permanent seat: Germany, France, Great Britain, Italy, Japan, Canada, USA) prepares the meetings of the Council and coordinates the committee work. The International Secretariat is headed by a Secretary General appointed by the Council for five years. The OECD is financed through annual contributions from the member states, which are essentially calculated on the basis of the gross domestic product.

Associated with the OECD are the International Energy Agency, the Nuclear Energy Agency, the Development Center (DA, founded in 1962) for research into development policy issues and technical assistance, and the Center for Educational Research and Innovation, CERI, founded in 1968). The OECD maintains working contacts with a large number of international organizations; The European Commission, the IMF and the Bank for International Settlements are directly involved in the work.

Publications: “OECD observer” (1962 ff.); “OECD economic outlook” (1967 ff.); “OECD in Figures” (1988 ff.); “OECD Factbook” (2005).

European Economic and Monetary Union

European Economic and Monetary Union, abbreviation EMU, according to the Maastricht Treaty (1993) the economic and monetary union of the European Communities to be realized in three stages.

Uniform payment unit as book money in cashless payment transactions in the EMU has been since 1.1.1999 Euros. In the cash sector, the euro replaced the national currencies on January 1, 2002.

Since then, responsibility for monetary policy in the euro zone rests with the European System of Central Banks (European Central Bank).

Euro: countries in the euro zone