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.
Greece appears to have averted imminent default, but its recovery prospects remain clouded by the severity of its planned austerity measures and the impact cutbacks have already had on its stricken economy.
The eurozone, once seen as a crowning achievement in the decades-long path of European integration, is buffeted by a sovereign debt crisis of nations whose membership in the currency union has been poorly policed.
At a Brussels summit, EU leaders agreed to develop a new fiscal union in an effort to preserve the indebted eurozone. Analysts say Britain's decision to opt out of the plan could dramatically reshape the path of European integration.
An agreement by EU leaders to create a new fiscal union signals a political commitment to the future of the euro. Economist Iain Begg explains why it will not immediately solve the eurozone sovereign debt crisis.
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.
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