The Organisation for Economic Co-operation and Development (OECD) is an international organisation formed in 1961 to build better policies for better lives. The functions of OECD include shaping policies that foster prosperity, equality, opportunity and well-being for all.
History of OECD
The Organisation for European Economic Cooperation (OEEC) was established in 1948 to run the US-financed Marshall Plan for reconstruction of a continent ravaged by war. By making individual governments recognise the interdependence of their economies, it paved the way for a new era of cooperation that was to change the face of Europe. Encouraged by its success and the prospect of carrying its work forward on a global stage, Canada and the US joined OEEC members in signing the new OECD Convention on 14 December 1960. The Organisation for Economic Co-operation and Development (OECD) was officially born on 30 September 1961, when the Convention entered into force. Other countries joined in, starting with Japan in 1964. Today, 36 OECD member countries worldwide regularly turn to one another to identify problems, discuss and analyse them, and promote policies to solve them
Objective of OECD
The objective of OECD is to improve the global economy and promote world trade.
Structure of OECD
OECD Council: The OECD Council is the organisation’s overarching decision-making body. It is composed of ambassadors from member countries and the European Commission, and is chaired by the Secretary-General. Once a year, the OECD Council meets for the Ministerial Council Meeting, which brings together heads of government, economy, trade and foreign ministers from member countries to monitor and set priorities for our work, discuss the global economic and trade context, and delve further issues such as the budget, accession and other priorities.
Secretariat of OECD
The OECD Secretariat carries out the work of the OECD. It is led by the Secretary-General. Angel Gurría was appointed as the Secretary-General of the OECD on 1 June 2006. He is currently serving his third five-year mandate
OECD countries and key partners represent about 80% of world trade and investment. There are 36 member countries span the globe, from North and South America to Europe and Asia-Pacific. These countries are Australia, Austria, Belgium, Canada, Chile, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Latvia, Lithuania, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, and United States.
Functions of OECD
The functions of OECD are:
- Promoting health and safety
- Promoting local and regional development
- Combating international tax avoidance
- Accelerating development
- Fighting corruption
- Guiding economic reforms of nations
- Improving educational system
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