When the Financial Times asked a year ago; “Who is the fairest finance minister of them all?” the holders of Europe’s purse strings were enjoying a party. The last months of 2006 marked the peak of the economic upswing across the eurozone. Tax revenues were flowing; possibilities for bold tax reforms widened.

In 2006, Ireland, the Netherlands and Finland scored well for fiscal performance – and Gerrit Zalm, the then Dutch finance minister, was also commended for his political skills.