“…On the one hand, the imbalances, which have dominated European development since the introduction of the euro, are not sustainable; and this is more serious in a period of crisis in particular. …”

“…"Fiscal policy in the Euro area is still dominated by austerity measures implemented under the institutional setting of the 'reformed' stability and growth pact, and the even stricter 'fiscal compact'. …”

“…This paper argues that even the dominating theoretical framework leaves substantial leeway for redistributive taxation. …”