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Partly due to intensified competition between countries, national governments have focused more and more on the most mobile taxpayers (highly skilled and globalized workers, owners of capital) at the expense of groups perceived as captive (the working and middle classes). This pertains to a whole s…

The saddest thing about the European crisis is the determination of today’s leaders to present their policies as the only ones possible, and the fear they feel when any political shock looks likely to disturb this happy equilibrium.