OECD

Organisation for Economic Cooperation and Development (OECD)

The Organisation for Economic Cooperation and Development (OECD) was formed in 1960 as a cooperative organisation for industrialised countries and Finland became a member in 1969. Today it has 30 members, many of which, such as Mexico, Hungary, Poland, the Czech Republic, Korea and Slovakia, joined in the 1990s. The OECD's scope of activities is broad and stretch well beyond the field of economics. OECD members are able to exchange views on other issues those affecting their own society, in a global forum.

OECD also offers the foundation for the G7 (Canada, France, Germany, Italy, Japan, UK and USA) summit process. The OECD Council meeting at Ministerial Level, along with central bank governors, convenes approximately a month ahead of the G7 Summit and draws up a statement, which is used as background material when drafting the proposals for the G7 meeting.
 
The Bank of Finland has representation on the OECD's Economic Policy Committee, which has the mandate of handling general macroeconomic and structural policy issues. The Economic Development and Review Committee is responsible for monitoring and assessment of individual member countries and their economic policies. A regular country review and the related report form part of the work of the committee.
 
The Bank of Finland also has representation on the OECD's Financial Markets Committee, which monitors financial markets developments and on the Committee on Capital Movements, supervising member countries' compliance with OECD codes for the liberalisation of capital movements and services.