Financial Transparency Coalition

The list of four-letter words in frequent use by policy makers in Washington, Brussels, and other government capitals dealing with potential fiscal insolvency has no doubt grown steadfastly in recent months. And perhaps the dirtiest, most toxic of those words is also the most innocuous: debt. Indeed, talks of an American default earlier last month and the real danger of a Greek withdrawal from the Euro zone have called for strong reevaluation of the balance between government spending habits and revenue sources on both sides of the Atlantic. On the latter point, the issue has brought long-deserved attention...

LONDON – In a sign of growing anxiety about tax competition that costs governments billions of dollars a year, international economic policymakers are exploring the need for a global crackdown on tax loopholes.

PARIS – Furthering efforts to fight against international tax evasion and bank secrecy, members of the Global Forum on Transparency and Exchange of Information for Tax Purposes have issued 12 new peer review reports.

For any act of corruption, there is a demand—that is, a venal official who is willing to accept a bribe—but there is also a supply—an individual or business willing to supply it. The dualistic nature of corruption is a headache, particularly for public individuals and institutions interested in stemming the harmful practice. For example, India’s environment minister, Jairam Ramesh has commented on the difficulty for environmental regulators inIndia to check violations of green controls. He noted "I can control the demand for corruption but someone has to control the supply of corruption too. I cannot stop that." Fortunately, as a...