Authors: Leon Bettendorf, Michael Devereux, Simon Loretz, and Albert van der Horst
The European Commission has launched proposals to radically reform corporate income tax in the EU with a system known as the Common Consolidated Corporate Tax base. This column in Voxsuggests that this reform would have significant effects on individual member states, but only small effects at the aggregate level in terms of employment, GDP and efficiency.
Anti-Germany protests in Athens have highlighted the country's complicated role as de facto leader of Europe while raising concerns about the continent's ability to advance difficult solutions to the sovereign debt crisis.
The eurozone, once seen as a crowning achievement in the decades-long path toward European integration, continues to struggle with the effects of its sovereign debt crises and their implications for the future of the common currency.
Charles A. Kupchan says internal renewal is vital to the West's future strength, but moreover, even if the West is able to regain its internal vitality and enlarge its footprint, it will still have to manage the transition to a world with multiple centers of power.
After EU Council summit talks in Brussels, at which France and Germany urged EU member states to overhaul EU treaties in an attempt to remedy the debt crisis, the UK opted out, citing the proposed financial services tax. The 17 Eurozone members and six other states agreed instead on this pact, reached on December 9, 2011, without the UK's participation.
William R. Cline interviewed by Christopher Alessi
Greece's new prime minister is seeking crucial parliamentary support for an EU bailout package that will require restructuring its sovereign debt. Economist William Cline says Uruguay's 2003 default offers a constructive model.
New Prime Minister Mario Monti faces the daunting task of reining in Italy's high public debt. Analysts say he will have to tackle fiscal irresponsibility to rebuild market confidence and prevent the eurozone's third largest economy from defaulting.
New Prime Minister Lucas Papademos faces daunting challenges to rescue Greece's economy. A fiscal collapse, analysts say, will also raise questions over the eurozone's ability to manage debt crises in other struggling European economies.
The Council on Foreign Relations' David Rockefeller Studies Program—CFR's "think tank"—is home to more than seventy full-time, adjunct, and visiting scholars and practitioners (called "fellows"). Their expertise covers the world's major regions as well as the critical issues shaping today's global agenda. Download the printable CFR Experts Guide.
The authors argue that the United States has responded inadequately to the rise of Chinese power and recommend placing less strategic emphasis on the goal of integrating China into the international system and more on balancing China's rise.
Campbell evaluates the implications of the Boko Haram insurgency and recommends that the United States support Nigerian efforts to address the drivers of Boko Haram, such as poverty and corruption, and to foster stronger ties with Nigerian civil society.
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