GLOBAL ECONOMICS _ THE GLOBAL WEEK AHEAD

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1、Theissueoffinancialinnovationandconsumerprotectionismostlyaboutaccessandsuitability.Accessreferstoasituationinwhichaffordable,mainstreamfinancialproductsareavailabletoallsegmentsofthepopulationacrosstherangeofincomelevelsanddemographiccharacteristics.Suitabilityaddressestheappropr

2、iatenessoftheproductsforparticularconsumergroups.Innovativeproductswilltendgenerallytobeeitherpositiveforaccesstofinanceorneutral.Butproductsthatactuallyresultinincreasedaccesstofinancemaynonethelessstillraisesuitabilityissues.Innovativeproductscanbeparticularlydifficultforretailc

3、onsumerstounderstandandbetterfinancialeducationisneededtohelpaddressfinancialilliteracy.Inaddition,serviceprovidersshouldhaveappropriateinternalcontrolstominimisethechancesthatconsumerstakeoninappropriateexposures.Eventhebestdisclosures,alone,maynotbeadequate,sotoavoidsituationsin

4、whichretailinvestorsbecomeinvolvedwithunsuitableproducts,institutionsshouldbe“encouraged”todevelopsufficientmeasuresforclientprotectionaspartoftheirproductdevelopmentactivities.Stricterpenaltiesshouldbeusedwhenneededtoaddressmis-selling,fraudorfirmmisconduct.*StephenLumpkinisaPrin

5、cipalAdministratorintheFinancialAffairsDivisionoftheOECDDirectorateforFinancialandEnterpriseAffairs.1I.IntroductionandoverviewThefinancialcrisisandthemeasuresintroducedtominimiseoroffsetitseffectsonthebroadereconomyhavebroughttotheforediscussionsonarangeofsomewhatcontentiouspolicy

6、issuesaddressingthephilosophyofregulationandtheroleofthestateversustheroleofmarketsinachievingdesirableoutcomes.Amongtheissuesraisedarethebenefitsofaproactiveversusareactiveapproachtopolicyandwhethertheappropriatepolicyresponseshouldentailbehaviouralversusstructuralremedies.Aconsi

7、derableamountofattentionhasbeendevotedtosystemicormacroprudentialissues,inmostcasesrelatedtothetoo-big-to-failproblemoflargecomplexfinancialinstitutions,butmicro-prudentialissueshavealsobeendiscussedandinthiscontextfinancialinnovationhasnotescapedattention.Previousdiscussionsinthe

8、OECDCommitteeonFinancialMarketsto