Offshore Financial Centres

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    This chapter assesses the role of the EU in the regulation of tax evasion and tax avoidance. This role has historically been constrained by institutional limits on EU policy in the area of direct taxation and a severe collective action problem extenuated by an EU membership which includes a number of ‘tax havens’. The chapter argues in consequence that policy success relies on an admixture of unilateral innovation and mutually reinforcing policy instruments. In the context of the global financial crisis and acute concerns regarding fiscal capacity US intervention has had a catalytic effect. EU policy has subsequently entered into a period of accelerated development. Many obstacles that previously seemed intractable are being transcended and complementarities between EU and US policy are emerging to form a nascent, inchoate and still incomplete multilateralism. The chapter develops this analysis of creeping policy competence in the EU and an emergent regulatory assemblage.
    Original languageEnglish
    Title of host publicationEurope and the Governance of Global Finance
    EditorsDaniel Mugge
    Number of pages15
    Place of PublicationOxford
    PublisherOxford University Press
    Publication date2014
    ISBN (Print)9780199683963
    ISBN (Electronic)9780191763410
    Publication statusPublished - 2014

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