Business spirits are low and the black economy untamed (a decision this week to raise value-added tax to a stonking 27% will not help).

ECONOMIST: Hungary��s economy

Just when German consumers seem to have recovered their confidence, after years of low wage-growth and worries about jobs and pensions, the government wants to raise value-added tax by three percentage points next January.

ECONOMIST: Don't get your hopes up too high about growth in the euro area

Are the Republicans afraid to raise the issue of a value added tax?

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Instead, he predicts that Mr Bush, or his successor, will be forced to raise taxes, and even suggests that introducing a value-added-tax would be the best way to do it.

ECONOMIST: George Bush

Since any realistic deficit reduction plan will require significant new revenues, is a Value-Added Tax a sensible way for government to raise those extra dollars?

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