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July 15, 2020 Ambassador Robert E. Lighthizer U.S. Trade
July 15, 2020 Ambassador Robert E. Lighthizer U.S. Trade Representative 600 17th St. NW Washington, DC 20508 Re: Docket No. USTR-2020-0022: Initiation of Section 301 Investigations of Digital Services Taxes Dear Ambassador Lighthizer: The Information Technology Industry Council (ITI) welcomes the U.S. Administration’s recognition that digital services taxes (DSTs) that have been adopted or are under consideration in ten jurisdictions – Austria, Brazil, the Czech Republic, the European Union (EU), India, Indonesia, Italy, Spain, Turkey, and the United Kingdom (UK) – raise concerns under Section 301 of the Trade Act of 1974. These unilateral measures advance a troubling precedent, unnecessarily depart from progress toward stable and sustainable international tax policies, and will disproportionately impact U.S.-headquartered companies. In accordance with the notice and request for comments published by the Office of the United States Trade Representative (USTR) on June 5, 2020, ITI respectfully submits the following written comments on the Administration’s initiation of Section 301 investigations of these ten measures.1 In our comments, we provide USTR with evidence to support a determination that these new DSTs – like the French DST – are unfair trade practices under Section 301 because they are discriminatory, unreasonable, inconsistent with prevailing international tax principles, and unusually burdensome for affected U.S. companies. Notably, many of the DSTs are structured similarly to the French DST and share the same problematic features that USTR identified in its Report on France’s Digital Services Tax (French DST Report),2 including scope limitations and revenue thresholds that are meant to target U.S. companies and shield domestic companies. -
Oh for a New Risorgimento
SPECIAL REPORT I TA LY June 11th 2011 Oh for a new risorgimento SRitaly.indd 1 31/05/2011 14:42 S PECIAL REPORT I TALY O h for a new risorgimento Italy needs to stop blaming the dead for its troubles and get on with life, says John Prideaux ON A WARM spring morning in Treviso, a town in Italy’s north•east, sev• eral hundred people have gathered in the main square, in the shadow of a13th•century bell tower, to listen to speeches. The crowd is so uniformly dressed, in casually smart clothes and expensive sunglasses, that an out• sider might assume invitations to this event had been sent out weeks ago. Most people are clutching plastic ags on white sticks. Some of them car• ry children wearing rosettes in red, white and green. On a temporary stage a succession of speakers talk about the country’s glori• ous history. Italy has taken the day o to celebrate its 150th anniversary as a nation. Treviso’s mayor, Gian Paolo Gobbo, is not celebrating. The desk in his oce faces a large painting of Venice in the style of Canaletto. This has some signicance for Mr Gobbo, who has spent his political career ghting to resus• citate the Republic of Venice, which nally expired in 1797 after a long illness. Below the painting stands a uorescent• green bear. It’s just like me! exclaims the mayor, a portly man in his 60s. Green is the colour of the Northern League, C ONTENTS a party which has sometimes toyed with the idea of break• 3 The economy ing up Italy and allowing the northern part of the country For ever espresso to go it alone. -
OECD, "Seminar on Capital Movements Agenda,"
PROGRAMME SEMINAR ON OPEN AND ORDERLY CAPITAL MOVEMENTS Does global co-operation matter? 25 October 2016, OECD, Paris Organised by the OECD in co-operation with Germany (Federal Ministry of Finance) as the upcoming G20 Presidency Open and orderly capital movements: does global co-operation matter? An open, transparent and orderly global system of capital flows underpins global growth and stability. In light of the increasingly interconnected global economy, faced with episodes of heightened capital flows volatility, significant value is attached to credible commitment mechanisms to rules-based and co-operative approaches to capital flows that send a positive signal of a predictable policy agenda. This type of framework will help countries maintain markets’ confidence and continue to attract the long-term, high-quality capital needed to support inclusive growth and sustainable development. The OECD Code of Liberalisation of Capital Movements (the Code) provides such a framework. As an instrument that encourages co-operation, it has provided a tried and tested process for global dialogue for over 50 years. The Code is used by the 35 OECD countries, including emerging economies, as well as by non-OECD countries. Four non-OECD countries have applied for adherence since it was opened to all in 2012. It is a living instrument adaptable to countries at different levels of development, through built-in flexibility clauses that allow temporary suspension of liberalisation commitments in times of economic and financial disturbance. Over time, Adherents have developed a body of well-established jurisprudence on the implementation of the Code’s rights and obligations and the conformity of individual country measures. -
Forty-Third Meeting April 8, 2021
INTERNATIONAL MONETARY AND FINANCIAL COMMITTEE Forty-Third Meeting April 8, 2021 Statement No. 43-1 Statement by Mr. Maurer Switzerland On behalf of Republic of Azerbaijan, Republic of Kazakhstan, Kyrgyz Republic, Republic of Poland, Republic of Serbia, Switzerland, Republic of Tajikistan, Turkmenistan, and Republic of Uzbekistan International Monetary and Financial Committee, April 8, 2021 Statement by Mr. Ueli Maurer, Minister of Finance of Switzerland on behalf of Azerbaijan, Kazakhstan, Kyrgyz Republic, Poland, Serbia, Switzerland, Tajikistan, Turkmenistan, and Uzbekistan The Fund’s leadership and advice in the core areas of its mandate continue to play an essential role in navigating these challenging times. Effective international cooperation as well as decisive steps on the part of members will be key for tackling divergence and moving swiftly to a sustainable path for global growth. As vaccines are rolled out and the economic outlook improves, exceptional measures will have to be rolled back in a timely and gradual manner to make way for more sustainable policies that support growth in the medium- to long-term. Global setting and policy priorities The global economic outlook has improved recently, with progress in vaccinations and the announcement of significant additional fiscal support in several major economies. While the recovery should gain momentum during 2021, its speed is still highly uncertain. Risks abound, reflecting foremost the need to deal with new virus strains, structural rigidities, as well as preexisting vulnerabilities, notably high public and corporate debt levels. In this context, policy support needs close monitoring to make sure that it is effective and targeted to specific objectives and needs. -
Risk and Regulation Monthly November 2020 Contents
CENTRE for REGULATORY STRATEGY EMEA Risk and Regulation Monthly November 2020 Contents CONTENTS HIGHLIGHTS COVID-19 BANKING CAPITAL MARKETS INVESTMENT MANAGEMENT CENTRAL BANK OF IRELAND OTHER CONTACTS Highlights In Ireland, the Central Bank published the outcome of its thematic review of fund management companies. It was found that a significant number of firms have not fully implemented the framework for governance, management and oversight in fund management companies. The European Commission published a consultation on AIFMD. This ask respondents whether fund delegation rules should be accompanied with quantitative criteria or a list of core functions that cannot be delegated. For a full list of COVID-19 related regulatory, monetary and fiscal policy initiatives, please see our report available here. COVID-19 Speech by Pablo Hernández de Cos, Governor of the Bank of Spain, on EU Spain's experience with risks and ECB vulnerabilities in the corporate sector as a result of the COVID-19 crisis Speech by Philip R. Lane, Member of the Executive Board at the ECB, on the Speech by Luigi Federico Signorini, ECB’s monetary policy in the pandemic Deputy Governor at the Bank of Italy on mobilising private finance for a Interview of Christine Lagarde, green recovery and hence “building President of the ECB on the role of the back better” ECB in non-normal times Macroprudential bulletin covering the Speech by Randal K Quarles, Vice usability of capital buffers Chairman for Supervision of the Board of Governors of the Federal Reserve ECB - -
Informal Videoconference of Ministers of the Economy and Finance
Informal videoconference of Ministers of the Economy and Finance 16 March 2021 Participants Belgium: Mr Vincent VAN PETEGHEM Deputy Prime Minister and Minister for Finance, with responsibility for the prevention of tax evasion Bulgaria: Ms Marinela PETROVA Deputy Minister for Finance Czechia: Ms Alena SCHILLEROVÁ Deputy Prime Minister and Minister for Finance Denmark: Mr Nicolai WAMMEN Minister for Finance Germany: Mr Olaf SCHOLZ Federal Minister for Finance Estonia: Ms Keit PENTUS-ROSIMANNUS Minister for Finance Ireland: Mr Paschal DONOHOE Minister for Finance Greece: Mr Christos STAIKOURAS Minister for Finance Spain: Mr Carlos SAN BASILIO PARDO Secretary-General of the Treasury and International Finance France: Mr Emmanuel MOULIN Director General of the Treasury Croatia: Mr Zdravko MARIĆ Deputy Prime Minister and Minister for Finance Italy: Mr Daniele FRANCO Minister for Economic Affairs and Finance Cyprus: Mr Constantinos PETRIDES Minister for Finance Latvia: Mr Jānis REIRS Minister for Finance Lithuania: Ms Gintarė SKAISTĖ Minister for Finance Luxembourg: Mr Pierre GRAMEGNA Minister for Finance Hungary: Mr Gábor GION Minister of State for Financial Affairs, Ministry of Finance Malta: Ms Marlene BONNICI Permanent Representative Netherlands: Mr Robert DE GROOT Permanent Representative Austria: Mr Gernot BLÜMEL Federal Minister for Finance Poland: Mr Tadeusz KOŚCIŃSKI Minister for Finance, Funds and Regional Policy Portugal: Mr João LEÃO Minister of State and Minister for Finance Mr João Nuno MENDES State Secretary for Finance Romania: -
Ignazio Visco: the fi Nancial Crisis and Economists’ Forecasts
Ignazio Visco: The fi nancial crisis and economists’ forecasts Commencement address by Mr Ignazio Visco, Deputy Director General of the Bank of Italy, to the students of the Master in Public Economics at the Faculty of Economics, La Sapienza University, Rome, 4 March 2009. While I alone am responsible for the views put forward in this paper, I wish to thank Fabio Busetti, Michele Caivano, Eugenio Gaiotti, Alberto Locarno, Sergio Nicoletti Altimari, Patrizio Pagano, Fabio Panetta and Stefano Siviero for discussions on its various parts and for their practical assistance. The original speech, which contains various links to the documents mentioned, can be found on the Bank of Italy’s website. 1. Introduction T IS PERHAPS early to draw lessons from the crisis that has hit the global economy. The crisis appears severe and widespread, its effects far-reaching and long-lasting. IMeasures of various kinds have been taken or are in the process of being taken regarding monetary policy, the use of public resources and the revision of rules and institutions on which the proper functioning of the markets and the operation of fi nancial intermediaries depend. The present is undoubtedly a period of maximum efforts on the part of economic policy and overall political action, efforts that are directly proportional to the seriousness of the crisis. But this is also a moment in which the interpretative models used in analyzing our economies start being reconsidered and attempts are being made at identifying the reasons underlying the failures of markets, economic policies and economists’ forecasts. Besides, this is also necessary in order to better defi ne interventions – global, substantial, focused and lasting – aimed at overcoming the crisis and, as far as possible, preventing, with the design of new rules, new institutions and new policies, such serious instability from occurring again. -
POLICY INSIGHT No.68 December 2013
abcd a POLICY INSIGHT No.68 December 2013 The aftermath of the crisis: Regulation, supervision and the role of central banks Ignazio Visco Governor, Bank of Italy Introduction trillion at the end of 2006, 700 at the end of 2007 and still 700 trillion in December 2012. The financial crisis has brought to the fore a number of issues. It has been severe and Financial deepening, by allowing greater widespread, and has affected many economies diversification of risk and making finance in different and long-lasting ways. Maintaining accessible to larger numbers of countries and firms, financial stability has once again become a major can be instrumental to broadening economic concern of policymakers and central banks are development. But there is a risk that finance turns heavily involved in this endeavour. A clear need into an end in itself, with consequences that can has emerged for a substantial overhaul in financial be more damaging as the system becomes more regulation and supervision, also considering that interconnected and the potential for externalities the financial system of tomorrow will most likely increases. be rather different from the one that has developed over the last two decades. Scepticism has grown At the same time, the interaction between about the role of finance in the economic system, monetary policy and financial stability becomes and especially its apparent separation from, if not more relevant as heightened financial complexity conflict with, the real economy. We should take amplifies the widespread non-linearities in the stock of what has gone wrong, and in so doing dynamics of financial and economic variables, and reflect on the way forward – as it is already taking the consequences of interconnections between the shape – as well as on how to better link our theories financial and the real side of the economy. -
O Ccasional P Aper 95
Is This the Beginning of the End of Central Bank Independence? Kenneth Rogoff Occasional Paper 95 GROUP OF THIRTY WASHINGTON, D.C. About the Author Kenneth Rogoff is Thomas D. Cabot Professor of Public Policy at Harvard University. From 2001 to 2003, Rogoff served as Chief Economist at the International Monetary Fund. His 2009 book with Carmen Reinhart, This Time is Different: Eight Centuries of Financial Folly, has been widely cited by academics, policymakers, and journalists. One regularity that Reinhart and Rogoff illustrate in their book is the remarkable quantitative similarities across time and countries in the run-up and the aftermath of severe financial crises. Rogoff’s most recent book is The Curse of Cash, which looks at the past, present, and future of currency, from the first standardized coinage to negative interest rate policy to the impact of cryptocurrencies on the global financial system. Rogoff is also known for his seminal work on exchange rates and on central bank independence. His treatise Foundations of International Macroeconomics (jointly with Maurice Obstfeld) is the standard graduate text in the field worldwide. His monthly syndicated column on global economic issues is published in over 50 countries. He is a member of the Council on Foreign Relations. Rogoff is an elected member of the National Academy of Sciences, the American Academy of Arts and Sciences, and the Group of Thirty. Rogoff is among the top eight on RePEc’s (Research Papers in Economics’) ranking of economists by scholarly citations. He is also an international grandmaster of chess. DISCLAIMER The views expressed in this paper are those of the author and do not represent the views of the Group of Thirty, its members, or their respective institutions. -
Club Model Politics and Global Financial Governance: the Case of the Group of Thirty
UvA-DARE (Digital Academic Repository) Club model politics and global financial governance: the case of the Group of Thirty Tsingou, E. Publication date 2012 Document Version Final published version Link to publication Citation for published version (APA): Tsingou, E. (2012). Club model politics and global financial governance: the case of the Group of Thirty. General rights It is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s), other than for strictly personal, individual use, unless the work is under an open content license (like Creative Commons). Disclaimer/Complaints regulations If you believe that digital publication of certain material infringes any of your rights or (privacy) interests, please let the Library know, stating your reasons. In case of a legitimate complaint, the Library will make the material inaccessible and/or remove it from the website. Please Ask the Library: https://uba.uva.nl/en/contact, or a letter to: Library of the University of Amsterdam, Secretariat, Singel 425, 1012 WP Amsterdam, The Netherlands. You will be contacted as soon as possible. UvA-DARE is a service provided by the library of the University of Amsterdam (https://dare.uva.nl) Download date:25 Sep 2021 Club model politics and global financial governance: governance: Club financial and global politics model Club model politics and global financial governance: The case of the group of thirty The case of the group of thirtyThe the group of of case Eleni Tsingou Eleni Eleni Tsingou CLUB MODEL POLITICS AND GLOBAL FINANCIAL GOVERNANCE: THE CASE OF THE GROUP OF THIRTY ACADEMISCH PROEFSCHRIFT Ter verkrijging van de graad van doctor aan de Universiteit van Amsterdam op gezag van de Rector Magnificus prof. -
Book Notices
Book notices Lauchlin Currie and focus in objectives and terms of refer- cal stability, a strong cadre of technicians, The Role of Economic Advisers ence; sensitivity to national goals and condi- and a sound resource base, Colombia en- in Developing Countries tions; modesty and feasibility of proposals joys many advantages over other countries Greenwood Press, Westport, CT, U.S.A., 1981, rather than recommendations for sweeping even at its per capita income level. Short- xiv + 270 pp., $27.50. reforms; and provision for policy imple- term macroeconomic measures are often mentation. The actual results of policy ad- more effective in steering growth there than Dr. Currie's book fills an important gap in vice, according to Dr. Currie, have been elsewhere. Dr. Currie's focus on markets development literature. After more than 40 mixed in Colombia. In fact, the contribution and demand expansion as a means to spur years' experience advising governments, he of development and aid agencies—in pro- growth is particularly well placed in the Co- tries to pull together the threads and to seek moting the physical integration of the coun- lombian situation, and it is also a message a greater consensus on appropriate devel- try, supporting macro and sectoral policies, worth emphasizing in many countries where opment objectives and policies. Dr. Currie and in fostering capital markets—has per- these factors are neglected. However, many played a central role in the formulation of haps been greater in Colombia than the others have severe supply constraints, not New Deal policies in the United States in the author recognizes. -
Sri Mulyani Indrawati, S.E., M.Sc., Ph.D
Image not found or type unknown Sri Mulyani Indrawati, S.E., M.Sc., Ph.D Plt. Menteri Koordinator Bidang Perekonomian RI Sri Mulyani Indrawati lahir di Bandar Lampung, Lampung, pada tanggal 26 Agustus 1962. Ia adalah wanita sekaligus orang Indonesia pertama yang menjabat sebagai Direktur Pelaksana Bank Dunia. Jabatan ini diembannya mulai 1 Juni 2010. Sebelumnya, dia menjabat Menteri Keuangan, Kabinet Indonesia Bersatu. Ketika ia menjadi Direktur Pelaksana Bank Dunia, maka ia pun meninggalkan jabatannya sebagai Menteri Keuangan. Sebelum menjadi Menteri Keuangan, Ia menjabat sebagai Menteri Negara Perencanaan Pembangunan Nasional/Bappenas dari Kabinet Indonesia Bersatu. Sri Mulyani sebelumnya dikenal sebagai seorang pengamat ekonomi di Indonesia. Ia menjabat sebagai Kepala Lembaga Penyelidikan Ekonomi dan Masyarakat Fakultas Ekonomi Universitas Indonesia (LPEM FEUI) sejak Juni 1998. Pada 5 Desember 2005, ketika Presiden Susilo Bambang Yudhoyono mengumumkan perombakan kabinet, Sri Mulyani dipindahkan menjadi Menteri Keuangan menggantikan Jusuf Anwar. Sejak tahun 2008, ia menjabat Pelaksana Tugas Menteri Koordinator Bidang Perekonomian, setelah Menteri Koordinator Bidang Perekonomian Boediono dilantik sebagai Gubernur Bank Indonesia. Ia dinobatkan sebagai Menteri Keuangan terbaik Asia untuk tahun 2006 oleh Emerging Markets pada 18 September 2006 di sela Sidang Tahunan Bank Dunia dan IMF di Singapura. Ia juga terpilih sebagai wanita paling berpengaruh ke-23 di dunia versi majalah Forbes tahun 2008 dan wanita paling berpengaruh ke-2 di Indonesia