German politicians and media are intensifying pressure on Rome in anticipation of today’s EU Commission verdict on Italy’s national budget. Already last week, EU Budget Commissioner Günther Oettinger announced, in reference to the Italian deficit, that the Italian government must “correct” its draft budget. Media reports refer to a “black week” for Rome. Negative reporting – like rating agencies’ devaluation of Italy’s creditworthiness – can contribute to the destabilization of Italy’s financial and credit markets. The country’s current downward spiral threatens to re-escalate the banking crisis. Whereas Berlin insists that the EU take sharp measures against deficits, Germany’s Finance Minister at the time, Wolfgang Schäuble had prevented the EU Commission from taking measures against excessive surpluses, which the commission sees as potentially just as destabilizing. Germany has been achieving these surpluses year after year.
EU politics
Kalwinder Sandhu: It’s no surprise that black and Asian women are hit hardest by austerity
In no nation Europe are the effects of austerity so well documented as in Britain – not that they are necessarily worse than in other parts of Europe, but simply not being reported. At BRAVE […]
Finance
Nick Shaxson: No, corporate tax avoidance is not legal
So tax avoidance is perfectly legal: it’s evasion that’s illegal (and criminal)? Not so fast. Read here
Aviation
Richard Murphy: Taxes to Save the Environment – a Progressive Air Travel Tax
Richard Murphy of Tax Research UK proposes hitting those wanton frequent fliers – such as workaholic businesspersons and owners of second homes abroad – with a progressive Tax to Save the Environment (TASTE). Unpopular but […]
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