CERNOBBIO, (Italy): Nobel economics prize laureate Joseph Stiglitz praised international backing for a global tax on corporations but said the minimum rate agreed by governments to battle "the dark side of globalisation" remains too low.

More than 130 nations have supported a plan to introduce a tax floor of at least 15 percent aimed at preventing countries from competing to offer the lowest rates in order to attract multinationals seeking to minimise their tax bills.