Opinion: Liechtenstein’s use of blockchain may upend the finance industry
One of Europe’s smallest states is writing a whole new book on harnessing the potential of blockchain technology to modernize the finance industry. There are still challenges to tackle, but the innovative legalization and approach to implementation could give the Principality of Liechtenstein pole position in this race.
GIS Dossier: The dilemmas of the ECB’s monetary policy
Experts have long been gravely concerned about the negative side effects that could result from the eurozone’s prolonged ultra-easy credit. However, reversing the monetary policies of the European Central Bank has proven economically and politically risky. The coronavirus crisis has made the challenge even harder.
Reforming capitalism: A fight built on envy
It has become common to blame capitalism for climate change and wealth inequality. However, the premises underlying the debate around the issue are profoundly misguided – the current system is far from aligned with free-market prescriptions. But despite their skewed view of reality, advocates of government intervention are likely to ...
Public administration on a journey to decentralization
Blockchain has the potential to revolutionize public administration by fostering efficiency, transparency and automation. There are limits to the technology, but currently the main roadblocks are of a legal and organizational nature. Some governments have already started removing such hurdles or teamed up with technology providers to build innovative solutions.
Blockchain in shipping, more than a buzzword
Blockchain could considerably lighten the administrative load of the maritime transport industry, in addition to preventing devastating cyberattacks. However, companies are hesitant to adopt the technology because of the legal uncertainty that surrounds it. The current lack of comprehensive regulations is perceived as a security liability, but there are also ...
Opinion: The mysterious case of CEOs turning green
It is unusual when CEOs purport to define their companies’ overarching objectives – that’s the shareholders’ job. Things become even curiouser when top managers team up with an international bureaucracy to call for the imposition of tighter environmental standards on business. Look for mundane motives, like sending out a profit warning ...
Swiss economic success: diversity as capital
Nothing seems to stop the prosperity of the Swiss economy. Its steady growth is seemingly impervious to the political turmoil in the EU, superpower tensions, the vagaries of world trade and even the overly muscular Swiss franc. Switzerland’s highly diverse economy and its unique political system together form an ecosystem ...
Educational meritocracy and East Asia’s development miracle
Only a few countries made the leap from developing to advanced industrial nations in the 20th century. Among the fortunate five, four are from East Asia: Japan, Singapore, South Korea and Taiwan. Their politics and economic policies have varied widely over the decades, but at least one common denominator stands ...
An offense to common sense and EU principles
The EU’s international trucking business, now dominated by highly competitive companies in Central Europe, can be disrupted by Brussels’ ham-handed attempt to shield cargo movers in countries with high minimum wages. The issue has political ramifications for the EU as well.
‘Overbanking’ in Europe
While American banks recovered from the 2008 financial crisis, lenders in Europe have languished. Contrasting regulatory approaches and economic environments account for some of the differences, but European banking authorities have their own explanation: “overbanking.” Their reasoning is odd, not least because the European Union’s banking sector is shrinking.
The benefits of global tax games
The growth of global trade and rise of more sophisticated financial products from the late 1970s has encouraged in tax arbitrage by multinational firms and tax competition between governments. This phenomenon has become a fixation of global governance do-gooders and bureaucrats. Their seemingly innocuous push for international tax coordination and ...
Creating tax cartels would be detrimental to the EU
The EU needs to maintain a healthy dose of tax competition among member states. Replacing it with a uniform “European taxation system” would encourage excessive public spending.
A Europe of regions will be essential for the union’s future
At this historic juncture, leaders of the European Union should awaken to the fact that Europe’s strength has always been its common cultural heritage and its diversity. The way out of the EU’s current bind is through expanding regional cooperation and replacing centralistic, market-strangling regulations with robust, friendly competition.
EU faces dilemmas over Hungary’s nuclear deal with Russia
Hungary is officially upbeat about its agreement with Russia to expand the Paks-2 nuclear plant. But behind the hurrah-optimism of Prime Minister Viktor Orban and government officials, the 12 billion euro contract with Rosatom is encountering stiff resistance at home and abroad, writes GIS guest expert Peter Juhasz. Summary ...
EU regulators target transfer pricing but real aim may be fiscal control
The European Commission’s crackdown last month on tax privileges for multinational corporations could be part of a bigger power play. The stakes could be much higher than preserving the autonomy of national tax authorities. Summary <i>European Union Competition Commissioner Margrethe Vestager is demanding...
Imagining the EU without the UK
With eyes fixed on Greece, Europe’s politicians and media are ignoring a weighter economic and geopolitical threat - ‘Brexit’. The United Kingdom is the European Union’s second-largest economy and a military and political heavyweight; it is also the world’s oldest parliamentary democracy and an ardent promoter of free markets and ...