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Chief Economist´s Comment - Sunday Wrap

  • I’ll start by summarizing the key factors which led to this “great reversal” in government involvement, which go to illustrate that it is not just the “flavor of the month” in policymaking in reaction to the pandemic, but something reaching much deeper.
  • I’ll then discuss the three key examples from this past week of governments setting this process in motion to “take back control”:
  • In climate change, the G7 agreed to raise the level of ambitions and limit the increase in average temperatures to 1.5C, and they agreed to end international funding of coal. Good, but there is still a very long way to go…
  • In taxation of multinationals, the US adjusted its minimum tax proposal, therefore increasing the chance of compromise, and the European Commission published a paper on corporate taxation guidelines in the EU. Good, but there is still a very long way to go…
  • In monetary sovereignty, China and the US finally took aim at the market for private cryptocurrencies. Good, and there is not a long way to go to put this confusion to bed…

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