OECD Secretary-General Angel Gurría has welcomed the decision by G7 Finance Ministers to work towards setting up a set of common principles on integrity, transparency and propriety in global financial and business transactions.
“A stronger, fairer and cleaner world economy can only be achieved if all countries share a core set of policy principles,” said Mr Gurría. Speaking after meeting G7 finance ministers in Rome on 13 and 14 February 2009, Mr Gurría said the financial crisis had exposed the need for both more effective international regulation and a greater ethical dimension to global business.
The mandate from finance ministers is based on a proposal for a ‘global standard’ of principles by Italian Economy and Finance Minister Giulio Tremonti. As the initial building blocks for the core principles, Mr Tremonti pointed to instruments, signed by OECD governments and by a number of non-member countries, covering bribery, corporate governance, responsible business conduct, money laundering and taxes.
See full Press Release.
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