LEAMAN, J., 2013. The fiscal lessons of the global crisis for the European Union: the destructive consequences of tax competition. In: Leaman, J. and Waris, A. (eds.). Tax justice and the political economy of global capitalism, 1945 to the present. Oxford: Berghahn, pp. 79-104.
The global crash of 2008/9 revealed many hidden fault lines in the edifice of
finance capitalism and in the policy architecture of the states called upon to
sort out its mess. Many of these fault lines were programmed into the operational
mindset of the most recent generation of policy makers in the so- called
‘advanced economies’. One such fault line is evident in the Balkanisation of
macro- economic policy making, in particular the neutralisation of policy
coordination in the adoption of autonomous central banks and the associated
imposition of a debt- avoidance imperative on treasury departments and individual
spending ministries/agencies in most states. The real fragmentation of
the political governance of macro- economic affairs stands in stark contrast to
the popular image among European electorates, for example, of an incremental
arrogation of power in policy making to public officials at both state and,
in particular, at EU level.