Ethics and governance in the European Financial centers

The Financial Times has reported that Ireland, easily the best performing eurozone economy since the birth of the single currency, this week became the first in the 15-country region to fall into recession.
As I already said, a financial center cannot base a sustainable growth on tax advantages to attract companies.
Which financial center will be next to face reality? I am afraid Luxembourg as the development model has not been changed and is still promoted.

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