Thursday 8 December 2016

Brendan Keenan: Federal model shows unity of purpose missing in eurozone

Published 26/01/2012 | 05:00

MITT Romney, contender for the Republican nomination in the US presidential election, may not pay a lot of tax himself, but one of his problems is that they do in Massachusetts, the State where he was Governor.

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They do not like that idea in a lot of other states, such as South Carolina. Texans dismiss Massachusetts -- the most European of New England states as "Taxachusetts". There is a wider range of tax regimes in the states of the USA than the nations of the eurozone, or even the EU-15.

As the "fiscal union" looms up to save the euro, it does seem odd that American states can enjoy greater fiscal freedom than eurozone nation states, with no apparent threat to the dollar monetary union, or to individual states' credit rating.

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