The rankings attempt to assess the health of fiscal regimes and improvements made since 2001, when eurozone economic growth started to slow. The criteria are, of course, arbitrary and far from exhaustive but hopefully proxies for at least some of the things finance ministers should be doing: – cutting deficits, reforming tax systems and so on. On tax, the percentage of revenues derived from consumption taxes offers a very rough guide to competitiveness – the higher the burden on consumption, the lower the burden on incomes and profits. Each finance minister has also been ranked out of three by FT correspondents according to their political effectiveness.

Overall table | Deficit cuttings prowess? | Tax reformers?

.....................................................................................................................

Karl-Heinz Grasser, Austria
(since February 2000)
***
Takes a leading role in Austrian government and bristles with confidence, to the irritation of eurozone colleagues

.....................................................................................................................

Jean-Claude Juncker, Luxembourg
(since June 1989)
***
Not only prime minister of his country but chairs the eurogroup meetings of finance ministers

.....................................................................................................................

Didier Reynders, Belgium
(since July 1999)
***
Strong domestic political position, solid economic helmsman

.....................................................................................................................

Gerrit Zalm, Netherlands
(since May 2003, previously 1994 to 2002)
***
Hairshirted and has strengthened the Netherlands’ finances: the finance ministers’ finance minister

.....................................................................................................................

George Alogoskoufis, Greece
(since March 2004)
**
Cool headed and a political heavyweight in Athens but ruffles lots of feathers in Brussels

.....................................................................................................................

Thierry Breton, France
(since February 2005)
**
Has made France’s deficit a public issue and simplified taxes but lacks political weight in Paris

................................................................................................

Brian Cowen, Ireland
(since September 2004)
**
A political animal and not always bold - but you don’t need to be given Ireland’s healthy economy

.....................................................................................................................

Eero Heinäluoma, Finland
(since September 2005)
**
Easy to be finance minister when the economy is doing well but perhaps not sufficiently radical

.....................................................................................................................

Pedro Solbes, Spain
(since April 2004)
**
A staunch supporter of budget discipline, but not necessarily in tune with cabinet colleagues

.....................................................................................................................

Peer Steinbrück, Germany
(since November 2005)
**
Has cross-party support, but the fragility of the government coalition reduces his effectiveness

.....................................................................................................................

Fernando Teixeira dos Santos, Portugal
(since July 2005)
**
Despite strikes and protests, is pushing through public adminstration reforms

.....................................................................................................................

Tommaso Padoa-Schioppa, Italy
(since May 2006)
*
He has upset business and resorted to budget tricks but will probably succeed in cutting the deficit

.....................................................................................................................

back to top

The rankings, section by section:

Deficit cutting prowess?

European Commission forecasts / figures

European Commission forecasts / figures

back to top

Tax reformers?

OECD data

OECD data

back to top