Ethics and governance in the European Financial centers

Joseph Stiglitz, a former chief economist for the World Bank, in an interview published in Germany calls for coordinated worldwide action against tax havens because single actions against jurisdictions such as Liechtenstein or Monaco may simply make money transfer to other contested jursidiction.

Quotation

Es bringt nichts, wenn man Liechtenstein oder Monaco dichtmacht und das ganze Geld dann in eine andere Steueroase fließt. Deshalb muss man weltweit vorgehen, ohne Ausnahme

There is no result, if you close down Monaco or Liechtenstein and then all the money flows into another tax haven. That is why we must proceed around the world, without exception.


Read interview (german)