Eurogroup sees improvement, even if the challenges are great And the risk of scars and damage from the epidemic remains real, as emphasized by President Pascal Donohoe at the end of an informal meeting of eurozone finance ministers, who met in person in Lisbon months later. ECB President Christine Lagarde was also present, who confirmed the maintenance of PEP (Epidemic Emergency Procurement Program) until March 2022, as the situation remains uncertain.
La minimum tax al 15%
America’s proposal of minimum 15% tax also reached Lisbon,
The minimum global tax applicable to businesses, even if it is not discussed. but Italy, France and Germany have opened up to the hypothesis. And Economy Commissioner Paolo Gentiloni said during the final press conference that he was confident about the possibility of an agreement at the OECD level by July. The minister of Luxembourg is more cautious, one of the countries in the union with Ireland, which has benefited greatly from tax regulations with multinationals.
Minister Franco’s words
Per Economy Minister Daniel Franco The proposal presented by the US Treasury is another important step towards an agreement on the new international financial framework. The technical discussion in the OECD is progressing well – the minister explained in a note – e Prospects to now reach global and consensus-based solutions on two pillars of solid international tax reform. Italy presides over the G20 and is making every effort to ensure a political settlement at the July G20 meeting in Venice. A time is also lauded by the French Finance Minister, Bruno Le Mayer, who called the American proposal a good compromise. The best opportunity is for German minister Olaf Scholz to define tax reform globally to counter the tax race to the bottom. Decision (Which affects the taxes paid by giants in Europe such as Google and Amazon ed) At the OECD level it will lay the condition for tax reform that the Commission intends to do in the European Union and on which the consensus weighs. There is also a need for widely shared financial intervention to facilitate green and digital transition.
The focus of Finance Ministers remains on recovery, which should be sustainable and flexible., And therefore caution should be exercised in the transition from generalized to targeted support. For the ECB, eurozone GDP will return to pre-COVID levels in 2022, but we also believe – Legaard said – that this recovery is uncertain and that it will leave a mark from the perspectives of regions and countries. Bank of Italy raised alarm: 60% families in trouble, 40% saved. The discussion expanded to 27 Finance Ministers yesterday and will continue this morning. At Ecofin, the Bruegel think tank presented a study on recovery that warns against premature withdrawal of aid.
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