Voice from the Commonwealth
Commentary, World Views and Occasional Rants from a small 'l' libertarian in Massachussetts

"If ye love wealth greater than liberty, the tranquility of servitude better than the animating contest for freedom, go home and leave us in peace. We seek not your council nor your arms. Crouch down and lick the hand that feeds you, and may posterity forget that ye were our countrymen." - Samuel Adams

Monday, February 24, 2003

What a surprise.

The heads of the European Central Bank and the group of eurozone finance ministers have expressed deep scepticism about the US administration's $690bn (£432bn) tax cut plan.

At the meeting of the Group of Seven leading industrialised nations in Paris at the weekend, Wim Duisenberg, ECB president, and Nikos Christodoulakis, the Greek finance minister who chairs the "eurogroup" of eurozone finance ministers, attacked the plan endangering the world economy.

Mr Christodoulakis said the re-emergence of "twin deficits" - fiscal and balance of payments - "may create sustainability risks, which in case they materialise would have significant ramifications well beyond the US itself". The tax proposal "in terms of size, composition and timing" did not dissipate these concerns.

For one, the European Central Bank is not involved in setting US economic and taxation policy. For another perhaps they should consider urging the countries of the EU to reduce the tax burden on the people of Europe and then they could be more competitive and not have to worry about lower tax rates on the American public.

< email | 2/24/2003 09:40:00 AM | link

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