go away and push their profits to the low taxation jurisdictions this is exactly what is happening it is very unfair but also it is politically very dangerous it's not going to be possible for too long as you mentioned you were this war is difficult because you're fighting a practice that is technically illegal in the what are the tools and the weapons to fight the war we have to change the regulations and the laws that we have created over so many years to try to avoid the so-called double taxation and that has produced this nontoxic and it also requires typically a g twenty type of effort like we did with the tax even cindy tax avoidance schemes what is it about it's about everybody having a legislation that is conducive to words demanding that companies pay more taxes based on the wealth that they produce in each one of these countries the question

of sourcing taxation from the place where wealth is generated is an internationally accepted principle that is now being betrayed by these practices that we are talking about but it requires that everybody does it because if not you're just going to go to the next country that has not changed its codes yet or to the other country that has not changed its code and to ask for the corporation through the g twenty. of all the countries in the world like we're asking them on the question of exchange of ducks information of one hundred twenty countries are helping to generate tax information exchange and there is nowhere to hide anymore well that is the kind of cooperation that we would like to see and we would like russia to be the champion of this effort we're doing it out we're launching it out of moscow we're launching it in the finance ministers meetings in moscow and we're

going to take it all the way to st petersburg with a plan of action that could be supported by the political clout of the leaders so you think that's one of the issues that's going to be on the g. twenty in janda i certainly think so it is already in the agenda the question of whether the leaders keep it in the agenda it's their prerogative but that's one of the things that we talked about with president putin yesterday or the other thing that's widely discussed of course is certainly in europe is the so-called tax on the financial transactions that is very controversial for a very simple reason only a few countries will adopt it. and it if it's not adopted by all the countries in the world at least all the countries that do a very important volume of international financial transactions then it can very easily move to the next country and the other problem is what do you want the resources for do you want to to. recover part of the losses incurred

by the systems or do you want to to create a fund to be able to face any future crisis you want to just for general purposes for the treasury to you know is it just one more tax in order to generate more revenue perhaps there are other ways of imposing taxes including by the way more effective tax collection base growth rather than rate growth or more taxes on the books so this is controversial and it's not something which is going to be adopted many of the emerging economies are not going to use it. the united states is not going to use it very probably u.k. is not going to use it so it's mostly it seems like a continental european issue. the euro perhaps we'll see we'll see in the near future ok so it does sound like you're not a big fan of this idea i think that you should call a spade

a spade i think if you need more tax revenue which is an absolutely legitimate objective in times of stress then would you should do is first of all close the loopholes eliminate all those privileges all those parag actives all those exemptions all those exceptions that are legally in the books today fight tax evasion. like we're doing through the tax forum then tried to close the loopholes it with the multinationals tried to tax more of the activity that takes place in your own territory nor the taxes on labor so that it's cheaper to create an additional new job perhaps even lower the taxes on the regular companies the companies inside that are isolated by the by the borders of the country are having to pay the twenty five the twenty eight to thirty percent tax revenue the tax rate

because they don't have anywhere to park their profits that is low taxation you know so in a way it's very unfair for them to do that also and then. tax emissions make it make your tax system greener ok tax property tax. real estate their lives distortive and more socially progressive than it is to for example give subsidies for the consumption or the production of fossil fuels today some of the things you mentioned are really troubling you know the efforts to try and boost the competitiveness of the real economy and what we're seeing now is this growing divide between the health of the financial sector and the of the dire

situation in the real economy where we are seeing that a lot of the times when things are really bad the stock market keeps growing you know there's there's that you know i think i think it's a false dilemma and i think it's to me rush be careful attention i'd say if you only focus on the financial system. then you will have a problem with as you called the real economy but don't only focus on the real economy because of your own fix the financial system then you will have like a one month that has only one leg and the other one is a wooden leg that is trailing behind you would need to work on both one last question is of course something i have to ask everybody is talking about the currency wars everyone is doing at the central banks all over the world are trying to consolidate their currency rates to meet their economies more competitive and that in a way is is natural there are no currency wars today we are far far further away today from the currency war than we were two or three years

ago when these french phrase was coined ok what we have today is a number of countries exploring ways in which they can improve the growth prospects and improve the job creation ok not necessarily manipulating the currency to gain competitiveness at the expense of the next person. it is in everybody's interest that the united states recover their dynamism it's going to create growth and jobs everywhere in the world it is in everybody's interest that europe recovers that dynamism therefore if you have tight fiscal policy because you already have very high levels of debt and very high levels of deficit then have the monetary policy loose so that that's going to help in stimulating some investment and some consumption then in the case of japan japan has been flirting with deflation

negative growth negative prices for more than ten years we want them to be off that danger. some of us would like to see a little bit more inflation to the system rather than the danger of deflation that not only about japan but about everybody else ok so what we should what we are seeing is that these large economies are looking for ways in which to stimulate growth that is no longer based on more is spending because it cannot afford more spending so i say yes continue exploring those possibilities and go structural go for the innovation did you creation and a competition and go for the flexibility in the labor markets and in the product markets and go for a tax structure that is more business friendly and more job friendly but do not say that there is a currency war because the countries are using their instruments and the little

room that they have left in order to grow more this is in the best interest of everybody this is what we're trying to do in the whole of the world this is what the g. twenty is about to get the world back on a growth path thank you very much thank you. good laboratory. to build a. mission to teach. this is why you should. only.

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