BIS Review 19/2005  1  Information is such a critical part of this era that not only do we speak of the Information Age but three distinguished Economists have received the Nobel Prize for their work in this subject area.
Except from general redistribution through taxation and fiscal policy; it is argued that subsidies, incentives, tax  BIS central bankers’ speeches  3  breaks or special taxes are distorting and reduce economic efficiency. This group can largely be categorised into what had become known in the 1980s as the Washington Consensus. Their prescription was privatise, liberalise, deregulate and shrink the state.