Adam Michel

  Following Mario Draghi’s report on “The Future of European Competitiveness,” the European Union has become more attentive to the challenges posed by the lagging productivity growth that stems from declining innovation. The primary thrust of the report is to establish a new, Brussels-centered industrial policy that includes substantial subsidy programs, policy harmonization and tariffs designed to […]

  In the post-pandemic era, governments around the world are again struggling with high debt loads and persistent annual deficits in a kind of twisted homage to the post-2008 fiscal crises. As history stumbles toward repeating itself, the period following the global financial crisis can be instructive for policymakers grappling with new budgetary realities. Responding […]

  The landscape of global tax policy is undergoing a significant shift as the Organisation for Economic Co-operation and Development (OECD) spearheads multiple initiatives to increase taxes on international businesses and cross-border investment. The early success of the OECD’s “inclusive framework” used to forge consensus on global business tax increases has emboldened some policymakers to try to […]

  For decades, the European Commission and international groups like the World Trade Organization and Organisation for Economic Co-operation and Development (OECD) have stood against state subsidies for domestic industries. They correctly emphasized that subsidies are economically distortive, undermine fair competition, favor politically connected businesses or sectors over others and slow economic growth. Policymakers have not always succeeded at limiting […]