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Rebecca Christie



Articles by Rebecca Christie

Do robots dream of paying taxes?

October 5, 2021

The digital transition should be managed – and taxed – alongside other societal transitions, but any tax on companies that replace employees with automated systems should be targeted and carefully designed to not stifle innovation.
By:
Rebecca Christie
Date: October 5, 2021
Topic: Innovation & Competition Policy

Robot taxes embody the more futuristic challenges of managing automation and legacy workers. As machines and artificial intelligence take on more roles that used to be performed by humans, policymakers and technologists are assessing the costs this transition imposes and what parts of society will pay them. A robot tax on companies that replace employees with automated systems is easy to dismiss in its most simplistic forms but should be considered in the context of

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EU climate plan should involve taxing pollution, not borders

September 6, 2021

Climate change and taxes may be some of the only true certainties in life. To protect ourselves better, we should make careful choices on how they interact.

Read the piece published by Law360.

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Due to copyright agreements we ask that you kindly email request to republish opinions that have appeared in print to [email protected].

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SPACs in the gap

July 13, 2021

Special-purpose acquisition vehicles could fill a gap in European equity markets and lure risk-averse investors off the sidelines.
By:
Rebecca Christie
Date: July 13, 2021
Topic: European Macroeconomics & Governance

European equity markets lag behind their American counterparts and draw relatively limited interest from insurance companies and pension funds. Getting this capital off the sidelines and into growing companies is one of the main goals of the European Union’s capital markets union project. To move forward, the EU will need to consider innovating, not just expanding, its equity offerings.
Special purpose acquisition companies, or SPACs, might be part of the solution. These companies are publicly traded pools of cash that seek to merge with a promising non-public

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Inflation, inequality and immigration: Spelling the digital recovery with three “I”s

June 3, 2021

The digital transition offers us a new opportunity to reach out across the global economy – hopefully we will find the strength to use it.

This article was originally published by the OECD Forum Network is part of a series in which OECD experts and thought leaders — from around the world and all parts of society — address the COVID-19 crisis, discussing and developing solutions now and for the future. Aiming to foster the fruitful exchange of expertise and perspectives across fields to help us rise to this critical challenge, opinions expressed do not necessarily represent the views of the OECD.

As the world recovers from the COVID-19 pandemic, we need to build an economy that is stronger and more resilient than before—but which also takes advantage of the strengths that we used to get

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International tax debate moves from digital focus to global minimum

May 27, 2021

International corporate tax reform is coming closer if countries can set aside their differences and work for progress rather than the perfect deal.
The Organisation for Economic Cooperation and Development is continuing its fight against profit-shifting by focusing on the digital economy. In making a specific link to the digital transition, the OECD hoped to build a global consensus that companies earning profits in countries where they don’t have a physical presence have an obligation to pay taxes somewhere on those profits. The 2015 Base Erosion and Profit Shifting (BEPS) project made great strides in improving international exchange of tax information and in curbing practices identified as particularly harmful. The next goal was to create an “inclusive format“ that invited far more

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Central banks don’t have to pick winners and losers to fight climate change

March 11, 2021

Disclosures and financial regulation don’t get enough respect as tools to reduce emissions.
Suddenly central banks are in the middle of the climate-policy debate and it always seems to zoom in on one question: Should they stop buying “brown” bonds? Either yes, and the traditional inflation-fighting mandate goes out the window, or no and the central bank is leaving the planet to burn.
The truth is, there is a lot that the European Central Bank, the Federal Reserve and other global leaders can do to support the climate transition without trampling on their traditional duties. Disclosure requirements and financial regulation don’t get nearly enough attention, considering the very real impact they will be able to have. By setting standards and making banks take stock of climate-related risks,

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US separates climate concerns from financial oversight in contrast to EU activism

February 18, 2021

Different EU and US supervisory approaches to climate risk may hamper efforts to work together and risk fragmenting global markets.
By:
Rebecca Christie
Date: February 18, 2021
Topic: Finance & Financial Regulation

Climate change is a growing financial risk as well as an environmental threat. Increasingly, banks and asset managers are seeking ways to prevent future climate shocks from upending their businesses, while investors often seek ways to push their financial resources in ways that will help, rather than hurt, efforts to address global warming. Sustainable finance has grown rapidly over the past year, accelerated by the response to the COVID-19 pandemic, even if it still makes up only a fraction of global financial markets.
Central banks have joined the debate, but

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Thinking big: debt management considerations for the EU’s pandemic borrowing plan

December 9, 2020

If not handled correctly, the European Union’s transition to take on a new role as an issuer of public debt risks crowding out existing markets. Managing that transition correctly is almost as big a challenge as spending the money itself.
By:
Rebecca Christie
Date: December 9, 2020
Topic: European Macroeconomics & Governance

The COVID-19 crisis is set to propel the European Union for many years to come into a role its members had not anticipated: significant issuer of public debt.
If the EU’s budget and pandemic recovery package is approved, the 27-nation bloc will see its balance sheet transformed from occasional issuer to market stalwart. It will also take on a new role as market peer to some of the world’s most experienced issuers. How it manages that transition, and whether

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How to minimise the impact of the coronavirus on the economy

December 2, 2020

COVID-19 is a global killer. Austerity needs to succumb.

This opinion was published as part of an interview with POLITICO where they asked six experts what governments can do to mitigate the economic fallout from the virus.

Ditch austerity
COVID-19 is a global killer. Austerity needs to succumb.
As long as governments are willing to find the money to backstop their economies, Europe has a chance at containing economic damage while the medical threat is front and centre. If, however, old fears about inflation and the general evils of high debt come back to the fore, the EU risks cutting its own lifeline.
We know the virus doesn’t respect borders. It would be a pity if politicians used European negotiating venues to seek limits on their peers, rather than creating conditions in which all

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The EU’s Opportunity to Turn Its Markets Toward the Future

July 16, 2020

Meeting the fiscal demands of COVID-19 will require the European Union to borrow on capital markets more than ever, and for European pension funds and households to look more widely for ways to build their nest eggs safely. The EU should take the challenges of the pandemic and Brexit as a chance to get its financial infrastructure house in order.
By:
Rebecca Christie
Date: July 16, 2020
Topic: European Macroeconomics & Governance

This article is based on a version first published in BRINK news.

The EU is newly looking to harness financial markets for good on its recovery path out of the COVID-19-caused recession. Germany’s U-turn from abhorring public debt to ramping it up for a good cause has given momentum to a continental shift that may lead, for the first time, to joint

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How will COVID-19 impact Brexit? The collision of two giant policy imperatives

May 19, 2020

The United Kingdom left the European Union on Jan. 31, 2020. Now, the U.K. must decide whether and how to extend the transition period, currently set to expire at the end of 2020.
By:
Rebecca Christie
Date: May 19, 2020
Topic: European Macroeconomics & Governance

The United Kingdom left the European Union on Jan. 31, 2020, only 10 months after its initially scheduled departure. That is quite speedy for a major geopolitical shift. As with any tectonic adjustment, the aftershocks can be at least as important as the main event.
Now, the U.K. must decide whether and how to extend the transition period, currently set to expire at the end of 2020. Negotiating a whole new trade deal in less than a year was already ambitious; COVID-19 adds another cause for delay on top of what was

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The European coronavirus response must be a solution, not more stigma

March 18, 2020

Lagarde needs a different bazooka in responding to a natural disaster like COVID-19.
By:
Rebecca Christie
Date: March 18, 2020
Topic: European Macroeconomics & Governance

When European Central Bank President Christine Lagarde said that closing sovereign borrowing spreads wasn’t her job, she was fighting the last war. The financial challenge posed by the coronavirus will require the European Union to jettison the rescue model developed in its debt crisis in favor of aid measures that bring the continent together, instead of driving it apart.
Italy will be an early test of political will. The coronavirus has hit it first and hardest, laying waste to an economy already struggling with slow growth and weak prospects. It will surely need help to recover. But how?
The euro area

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European capital markets union, by rule and by choice

January 23, 2020

While the euro is now a leading global currency and the European Central Bank has become a comprehensive banking supervisor, Europe’s markets have been treading water. By: Rebecca Christie Date: January 23, 2020 Topic: Finance & Financial Regulation Europeans in the 21st century are used to freely living, working and spending money across borders. But when it comes to banking and investing, their main options are strictly close to home.Despite adopting a common currency and common banking supervision, the 19 countries that make up the euro area have made little progress in joining up their capital markets. For the rest of the European Union, currency differences add to the cross-border barriers. This limits where businesses can seek loans, and where venture capital investors can

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Scholz’s improved plan to complete the banking union

November 8, 2019

The head of German Finance has written in the ‘Financial Times’ defending the need to deepen the banking union, now London is about to leave By: Rebecca Christie Date: November 8, 2019 Topic: European Macroeconomics & Governance Germany’s finance minister wrote an op-ed to praise the idea of pan-European deposit insurance, but if this is progress, it’s only the start of the debate.Olaf Scholz wrote in the Financial Times of an “undeniable” need to deepen the euro area banking union. With London on the verge of departure, the European Union will lose its biggest financial hub and come face to face with the shortcomings of its homegrown financial architecture.And Scholz is right that the euro needs true deposit insurance, where a common framework would ensure that up to €100,000 in

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Brexit banking exodus creates a dilemma for Dublin

July 10, 2019

Irish consumers’ interests may not coincide with the needs of banks relocating here.

Europe’s financial centre is splitting up, possibly for the better. Dublin has gained a lot of new business from London’s exodus, becoming the top choice of firms seeking higher ground post-Brexit. Now Ireland must decide whether it wants to be a leader or a counterweight in Europe’s financial future.
With the departure of the UK as the financial industry’s primary voice, the EU will have a chance to redefine how it approaches its banking and capital markets.
Already, debates have begun about making the regulatory framework more centralised or enabling a more regionally diverse and competitive financial sector. Proponents of a homogenous approach argue that a level playing field requires common

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Where Brexit goes, the law shall follow

June 25, 2019

How the financial industry and the law firms that support it are preparing for what comes next
By:
Rebecca Christie
Date: June 25, 2019
Topic: European Macroeconomics & Governance

The UK is leaving the European Union, in spirit if not in immediate legal jurisdiction. While the next phase of Brexit won’t emerge until October, the financial sector is already on the move. London, long the dominant hub for bankers and investors, will cede ground to a quartet of cities within the EU core. In turn, London’s lawyers are moving to Dublin, raising questions about how they can work cross-border going forward.
Paris, Frankfurt, Amsterdam and Dublin are the locales with the most to gain overall from the transition, with Luxembourg,

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