The reality that banks are out of control and that you can't run a common market without some degree of commonality in tax has finally dawned on the EU.<\/p>\n
Merkel and Sarkozy moved towards a financial transaction tax on EU banks yesterday, which is a welcome and overdue move that needs replication way beyond the Eurozone if the feral banking economy is to be brought under control.<\/p>\n
And there are also clear signs that corporation tax harmonisation is on the agenda - which makes a complete mockery of moves in the UK by Northern Ireland and Scotland to move against that necessary pre-requsitie for a level playing field for business.<\/p>\n
Both moves are in the right direction. Of course the devil will be in the detail. But these are obviously correct initiatives at this time.<\/p>\n
As much as the move being made towards balanced budgets, to which i will turn next on this blog, is the wrong one.<\/p>\n","protected":false},"excerpt":{"rendered":"