The crisis has had a more devastating impact on growth rates in developing and emerging countries than on industrialised nations. While some did not have the resources to finance sufficiently strong stimulus measures, the major emerging countries quickly returned to recovery and are currently the main drivers of the global economy. The collapse of private capital flows has led to a growing deficit in overall financing in the South. And so far, neither the increase in public financial flows nor the slow recovery – since the end of 2009 – of private capital injections have made it possible to compensate for these shortfalls. The UN also states that the overall volume of financial movements from southern to northern countries exceeds that of flows in the opposite direction: the South continues to finance the North. While a reform of the global economic and financial order is now being discussed, this has not yet been achieved with sufficient effects for developing countries. International financial institutions have many more resources, but developing countries are still under-represented. The IMF and the World Bank have called into question some of their traditional dogmas, without knowingly speaking of a new policy. It is increasingly clear that taxes play a central role in mobilising local resources to finance development, and there is general recognition that developing countries’ taxation will have to be reformed accordingly. However, technical assistance from industrialised countries to implement these reforms remains insufficient. It is also increasingly recognised that taxes are an instrument for state-building, democratisation and governance. The fight against international tax evasion and illicit capital flows has gained momentum and there is an improvement in the exchange of information on tax matters. But innovative and more effective instruments of greater transparency are struggling to enforce themselves against the hidden interests of certain financial centres.