Author: Steve Maughan
Date: 13:02:11 01/14/02
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Bo, >No, the result will be increased subsidies from the other countries. > >When one country tries to attract jobs by lowering its interest rate (or >exchange rate, or taxes), where do these jobs come from?? > >A recession in in one coutry will be bad for the common market, so your wealty >nabour will give you a hand. Partly because he is a nice guy, partly because >otherwise you couldn't afford to buy his products... So you're assuming fiscal harmonization as well, or at least some form of European Wide Tax. There is currently little tax redistribution via the EU. What little there is normally is in the form of grants. Fiscal harmonisation is widely spoken about in eurozone countries but not in the UK which has relatively low taxes (16% low than average across Eurozone). If there are moves towards harmonises of taxes I doubt the UK will ever join. Regards, Steve
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