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true story of the Paradise Papers is less about shady business deals than about
the byzantine regulatory and tax structures of developed countries. It is a
lesson that politicians like French President Emmanuel Macron are studiously
trying to ignore.
Prince Michael of Liechtenstein
Negotiations on a proposed tax on financial transactions in the European Union have stalled. The so-called “Tobin tax” is unlikely to come about in any meaningful form across the bloc. But its defeat also demonstrated the failure of the EU’s “enhanced cooperation” procedure, which could have provided a useful model for less centralized policymaking.
Professor Enrico Colombatto
Prince Michael of Liechtenstein discusses the biggest crises facing the world during an interview at the 2015 World Policy Conference.
Behind the malaise
afflicting Europe’s democracies and economies is an overlooked cause: cronyism.
Big government can encourage businesses to seek favors from politicians and
regulators. When that happens, the accountability needed for markets and
democracies to function properly disappears. It is time to view crony
capitalism as a systemic threat.
Dr. Emmanuel Martin
The global economic crisis arose in the world's most highly regulated sector – the financial industry. That is certainly no coincidence. When government intervention and easy money meet big banks, the result is cronyism – the furthest thing from genuinely free markets.
Europe is worried about low and declining productivity growth. Most politicians and experts have a simple solution: more high-tech investments and more education, especially for young people. But it is questionable whether this proposed fix is realistic or will bring about the desired outcome. The educational visions that...