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Ireland’s recovery, by Enda Kenny How inequality hurts growth New evidence on productivity and the environment Digital finance and education Europe’s migration flows No 301 Q4 2014 www.oecdobserver.org STOP PRESS Paris attacks: Tributes The challenge ahead CONTENTS No 301 Q4 2014 TRIBUTES AND REACTIONS SOCIETY 2 In the wake of the Paris attacks, January 2015 16 Digital learning in schools Francesco Avvisati EDITORIALS 18 Migration and jobs: Is Europe’s labour 3 Building the conditions of a safer world market adjusting? Angel Gurría, Secretary-General of the OECD Thomas Liebig 4 Ireland: On the path to recovery Enda Kenny, Taoiseach (Prime Minister), BOOKS Ireland: On the path to recovery, page 4 Ireland 19 Review: Making city ports competitive NEWS BRIEF ECONOMIC OUTLOOK 6 Inequality hurts growth; Tax revenues rise; Soundbites; Economy; Country roundup; 21 Shifting into higher gear and rebuilding the Bribery exposed; Steel warnings; Plus engines of growth ça change Catherine Mann, OECD Chief Economist 23-35 Country snapshots ECONOMY 9 Environmental policies don’t have to hurt OECD.ORG Philanthropy, digital payments and fi nancial inclusion, productivity 37 Jean Tirole: An appreciation page 13 11 A sharing economy Patrick Lenain, OECD Economics Department Interview: Frederic Mazzella, Founder and 38 French minister Taubira attacks bribery; CEO of BlaBlaCar Visits 12 Is inequality good or bad for growth? 39 Recent speeches by Angel Gurría; List of 13 Philanthropy, digital payments and OECD ambassadors fi nancial inclusion 40 Calendar; Frankie.org Emilie Romon, OECD Global Network of Foundations Working for Development BOOKS (netFWD) and Sabrina Sidhu, Better Than 41 Review: Small businesses fl ourish, but not Digital learning in schools, page 16 Cash Alliance their revenue 14 SME equity fi nancing: Culture and home OECD Observer Crossword truths 42 OECD iLibary: Most popular; New Markus Schuller, Panthera Solutions publications 15 Business brief: Turkey–Banking on resilience DATABANK Adnan Bali, CEO of Isbank 46 Main economic indicators 48 A measure of recovery ORDER FORM… ORDER FORM OECD.org, page 38 Published in English and French by the OECD All signed articles in the OECD Observer express the opinions EDITOR-IN-CHIEF: Rory J. Clarke of the authors and do not necessarily represent the offi cial views of the OECD or its member countries. www.oecdobserver.org WRITERS: Brian Keeley, Patrick Love ASSISTANT EDITOR: Justin Dupre-Harbord © OECD December 2014 Reprinted and translated articles should carry the credit line Printed January 2015 PLANNING AND DEVELOPMENT EDITOR: Diana Klein “Reprinted from the OECD Observer”, plus date of issue. Signed ISSN 0029-7054 EDITORIAL ASSISTANT: Neïla Bachene articles reprinted must bear the author’s name. Two voucher Tel.: +33 (0) 1 45 24 9112 LAYOUT: Design Factory, Ireland copies should be sent to the Editor. All correspondence should Fax: +33 (0) 1 45 24 82 10 ILLUSTRATIONS: Charlotte Moreau, Stik, David Rooney be addressed to the Editor. The Organisation cannot be respon- [email protected] PHOTO RESEARCH: Rory J. Clarke, Diana Klein sible for returning unsolicited manuscripts. ADVERTISING MANAGER: Scarlette Elizee Founded in 1962. The magazine of the Organisation PRINTERS: SIEP, France; Chain of Custody certifi ed. The statistical data for Israel are supplied by and under for Economic Co-operation and Development the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice OECD Publications 2 rue André Pascal Applications for permission to reproduce or translate all or parts to the status of the Golan Heights, East Jerusalem and 75775 Paris cedex 16, France of articles from the OECD Observer, should be addressed to: Israeli settlements in the West Bank under the [email protected] The Editor, OECD Observer, 2 rue André Pascal, 75775 Paris, terms of international law. www.oecd.org cedex 16, France. Tributes and reactions In the wake of the terrorist attacks in Paris, 7, 8 and 9 January 2015, in which 17 defenceless people were gunned down. I do not agree with what If liberty means anything you have to say, but I will at all, it means the right to defend to the death your tell people what they do not right to say it. want to hear. “This attack is an affront to the values matter what source it comes from”… that we collectively share. We categorically The world is a sadder place without the We welcome Send your letters to condemn this odious and inhuman act mockery of brave, clever, funny people at your feedback. [email protected] against our liberties and we support the #CharlieHebdo or post your comments at government in its response to it.” Patrick Love, OECD Insights Editor www.oecdobserver.org or Angel Gurría, OECD Secretary-General www.oecdinsights.org All at Design Factory are shocked to hear @OECD We stand w/the int’l community of the barbaric attack and murders at in defense of freedom of press. Our the offices of Charlie Hebdo magazine thoughts R w/the victims & families this morning in Paris. It is an attack on #CharlieHebdo freedom of the press, journalism and the media in general. We hope you and all I watched the news in horror at what your colleagues are safe and well. unfolded in Paris. Obviously my work is Design Factory, Dublin, produce OECD Observer not in the same league as those guys. But to kill artists. I can’t believe anyone could do that. I’ve donated a piece of art to a @GermanyDiplo Chllr #Merkel on attack book coming out to raise money for the against #CharlieHebdo: “In these difficult families of the victims and my thoughts times we stand firmly side by side with are with them. our French friends.” German Foreign Office 7 Jan Bill Greenhead, illustrator, cartoonist, author of Frankie.org @MinPres “Am shocked, the terrible and “Charlie’s fallen angels would want us cowardly terror attack in Paris touches us to laugh. But Paris is in tears. We are all all. The Netherlands stands shoulder to in shock. It was an attack against us all, shoulder with France.” Minister-president, against everyone in this country and Netherlands, 7 Jan beyond. We are all French today. Nous sommes tous Français aujourd’hui.” @WhiteHouse “Our thoughts and prayers are with the Follow us on Twitter @OECDObserver Rory Clarke, OECD Observer Editor, 7 January www.facebook.com/oecdobserver victims of this terrorist attack and the Comments and letters may be edited people of France” —President Obama for publishing. As the great Arab philosopher al-Kindi put it, “we should not be ashamed to acknowledge truth and discover it no 2 EDITORIAL Building the conditions of a safer world buoyant UK economy. The outlook for China is also less dynamic than in recent years. Our work will not let On the bright side, Indonesia, India and South Africa could return up in 2015, which will to steady growth, while in Europe, Ireland and Spain, countries that felt the brunt of the crisis, have recorded impressive turnarounds be a decisive year for (see article in this edition by Irish Taoiseach, Enda Kenny). Their addressing urgent efforts show that reforms do work. global challenges Given the limited fiscal and monetary policy room available, the OECD continues to place emphasis on the importance of structural reforms, without which OECD area growth could remain sluggish Angel Gurría for decades. In 2015 policymakers must do all they can to pursue Secretary-General of the OECD the ambitious and feasible structural agenda they agreed to at Brisbane in November. The Australian G20 presidency successfully refocused minds on growth, and the OECD will work alongside The terrorist murders of 17 people in Paris on 7, 8 and 9 January Turkey, the G20 president in 2015, to help sustain momentum. were not only a human tragedy. They were a direct attack on the Indeed, the OECD has been working tirelessly since the crisis values of living together in the free, law-abiding, pluralistic started to help make reforms happen in a range of key areas, societies we hold dear. including taxation, inequality, jobs, investment, development and Like many of you, I was privileged to pay tribute to the victims governance. This work is bearing fruit. In 2014 we led efforts of these terrible attacks by walking alongside President François towards ending tax base erosion and profit shifting (BEPS) and Hollande, the French government, world leaders, the victims’ improving transparency, notably with over 90 jurisdictions families and 1.5 million French citizens on the Unity March through committing to implement the Automatic Exchange of Tax the streets of Paris on 11 January. It gathered a rich mosaic of Information reporting standard at the latest by 2018. people from different religions, cultures and backgrounds. Similar We also continued to raise the bar in policy thinking through our marches took place elsewhere in France and around the world, in New Approaches to Economic Challenges (NAEC) initiative, an uplifting demonstration of faith in our democratic values. produced the first ever comparative analysis of global well-being, The OECD stands firmly behind our host country France and all our and further honed our pioneering Better Life Index by adding member and partner countries, in responding to these inhuman, regional dimensions. Our reports on how inequality damages barbaric acts. These events touch us deeply by their proximity, but growth, the importance of skills and migration to well-being and we do not forget that day after day many people throughout the prosperity, and on school performance through our PISA world see how their freedom and rights are attacked. programme, provided valuable guidance for policymakers everywhere. Our organisation reached out by launching the After the horror of the attacks it is difficult to turn to the subject Southeast Asia Programme at the Ministerial Council Meeting of the global economy.