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Governments need to go for world-class quality in their education systems to ensure long-term economic growth, according to the latest edition of the OECD’s annual Education at a Glance.

On 7 September 2010, Israel deposited its instrument of accession to the OECD Convention, thereby becoming a member of the Organisation. Israel was invited by OECD countries to open negotiations for membership in May 2007.

The economic and social benefits of investing in education are among the issues analysed in the 2010 edition of the OECD’s Education at a Glance, to be published on Tuesday 7 September. Four media presentations of this year’s edition are planned : in London, Paris, Berlin and Brussels.

Consumer prices in the OECD area rose by 1.6% in the year to July 2010, up from 1.5 % in June. This small increase mainly reflected developments in energy and food prices, which increased by 6.2% and 1.1% respectively in the year to July, compared with rises of 4.7% and 0.6% in June.

Gross domestic product (GDP) in the OECD area rose by 0.7% in the second quarter of 2010, the same rate as in the previous quarter.

This working paper summarises the recently completed EU stress test for banks and, using new data on bank exposures to sovereign debt, appraises the way the tests have treated the sovereign debt crisis. It comments on market concerns about banking sector exposure to sovereign debt during and beyond the period of the stress test.

OECD composite leading indicators (CLIs) for June 2010 point to a possible peak in expansion. The CLI for the OECD area decreased by 0.1 point in June 2010.

On 21 July 2010, Slovenia deposited its instrument of accession to the OECD Convention, thereby becoming a member of the Organisation. Slovenia was invited by OECD countries to open negotiations for membership in May 2007.

Based on seasonally adjusted monthly data, merchandise trade values remain approximately 20% below pre-crisis levels in April and May.

South Africa should step up its efforts to detect, investigate and prosecute cases of bribery in international business deals, according to a new report by the OECD’s Working Group on Bribery.

South Africa should leverage the positive impact of the World Cup to improve living standards by boosting job creation and exports, said Secretary-General Angel Gurría at the launch of the Economic Survey of South Africa in Pretoria.

OECD Secretary-General Angel Gurría has welcomed the call by ministers in France, Germany and the UK for Europe to adopt a 30% reduction in greenhouse gas emissions over 1990 levels by 2020.

The global crisis has left OECD countries with lower potential output and high government debt. The OECD has done policy simulations of three scenarios for the world economy – business as usual, fiscal consolidation and fiscal consolidation with structural reform.

The UK should build on its strong foundations to boost its recovery and restore confidence, according to "United Kingdom: Policies for Sustainable Recovery", a new OECD report that Secretary-General Angel Gurria discussed with Chancellor of the Exchequer George Osborne and other members of the government in London.

The unemployment rate for the OECD area fell slightly to 8.6% in May 2010 from 8.7% in April. The general pattern of broad stability continues across most OECD countries.

International migration has fallen during the economic crisis, but as the recovery moves into gear migrants will once again be needed to fill labour and skill shortages, according to a new OECD report.

Real GDP in the OECD area grew by 0.6% in the first quarter of 2010 compared with the last quarter of 2009. Stockbuilding was the main contributor to OECD GDP growth for the third consecutive quarter.

OECD countries need to create 17 million jobs to get employment levels back to where they were before the crisis, according to the OECD’s Employment Outlook 2010. Unemployment may have peaked in the OECD area, having reached 8.6% in May 2010, it says.

OECD Secretary-General Angel Gurría and John Martin, OECD Director of Employment, Labour and Social Affairs, will present the findings at a news conference at 11.00 a.m. on Wednesday 7 July 2010 at OECD headquarters.

The share of farm receipts provided by government programmes rose slightly in OECD countries last year, reversing a declining trend in state support since 2004, according to a new OECD report.