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Dr Andreas Höfert, Global Chief Economist for UBS Wealth Management, came to Luxembourg last week to give clients, business partners, stakeholders on the financial place, employees and journalists a talk on where the global economy stands and what to expect in the next months, if not years. Starting with Europe, he insisted that the European crisis was far from being on its path to recovery, as it is more complex that generally thought. The Sovereign debt situation is only the tip of the iceberg: the tumoil that shakes Europe to its core is three-fold. Starting with Sovereign debt, Höfert predicts that only a fiscal union can mend a currently uncoordinated taxation system. As with all fiscal coordination – as in the United States or Switzerland – transfers between the richer and poorer...
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