This concluding chapter presents a brief overview of some emerging challenges to fiscal and financial sector policies. The links between fiscal management, financial regulation, and conduct of monetary policy are closer than were perceived before the global crisis. There is now increasing awareness of the capacity of the financial sector to undermine effectiveness of policies relating to both taxation and regulation at national level. The fiscal issues relating to exchange of information on taxation and the cross-border tax avoidance mechanisms discussed in G-20 will also influence the future of global finance while simultaneously impacting the fiscal measures. In the global financial markets, interest rates on government securities of longer maturity continue to be low. Going forward, some elements of globalization of fiscal management that could match globalization of finance and its regulation may be essential.
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