The time of lavishly flowing tax revenue has passed, said Hereditary Prince Alois in his speech on Tuesday’s national holiday in Vaduz.
Investments must now be handled carefully, he warned, stating that there must be “no indiscriminate allocation of tax revenue”.
“Over the next few months”, reforms must be addressed, he said, but “unnecessary haste” would be futile. Instead, emphasis should be placed on gathering the resources required for these reforms and consideration placed on incentivizing measures.
“We must think in the long-term to avoid placing burden on one generation at the expense of another,” said the Hereditary Prince in his speech.
The “first priority” must be balancing the state budget, according to the Hereditary Prince. He explained: “As a small state without a central bank, we cannot turn to deficit spending.”
Hereditary Prince Alois also called for long-term reforms to old-age provision, health provision and care. He added that the education system must be further optimized and work-life balance guaranteed.
“To make our conditions more attractive, we must work on the international reputation of our location and on offering access to the global markets that is as free as possible,” said the Hereditary Prince.