1/4% Tax on all stock trades pushed in NY Times today

Quote from sheda:

Ah there going to do some magic with a second assement now.
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Yeah what a joke. Now their going to cook up some secret second study that says that the ftt will make everything okay? What planet are these people from?
 
Barnier urges Cameron and City to ‘play the game’ - FT.com
http://www.ft.com/intl/cms/s/0/3523b340-4531-11e1-be2b-00144feabdc0.html

See my comment there, just posted.

Barnier is trying to assure the Brits that the EU can't override their tax veto on FTT and apply it in London, while he pleads with them to join the new fiscal compact voluntarily. Meanwhile, Semeta is threatening the UK the contrary, saying the EU will apply FTT in London and keep all the revenues. Which is it?

How can the Brits sign on to an increasingly-desperate situation in Brussels, while France turns to the poll-leading socialists and their just-announced policy of attacking financial services? The Brits held back from joining the euro at birth a decade+ ago, and it should hold back from signing the fiscal compact to save a desperate euro zone now too. The conservative thing to do is wait and don't give up financial sovereignty to people who despise finance.
 
Quote from sheda:

http://www.ft.com/cms/s/0/621c6d8c-4519-11e1-be2b-00144feabdc0.html#axzz1kHLvIBaq
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What a joke. London has much more to win welcoming all EU proprietary trading firms than their laughable share in FTT taxes. The only thing London will lose is Eurex trading( Germany too by the way ). There is no way they will manage to make UK firms pay when they trade Euribor or any other UK product with a continental institution. No way. Eurex was on the downhill anyway and Paris has never ever been on an uphill...LOL. London Firms will refocus on FTT free markets. End of story.
 
Quote from sheda:

Ah there going to do some magic with a second assement now.
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The timing of this "second assessment" is comical. Denmark takes over the EU Council Presidency and immediately bashes the FTT because it reduces GDP and kills jobs. Then, magically, the EU comes out with new economic projections. What a joke.
 
Quote from tomdavis:

The timing of this "second assessment" is comical. Denmark takes over the EU Council Presidency and immediately bashes the FTT because it reduces GDP and kills jobs. Then, magically, the EU comes out with new economic projections. What a joke.
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Europarlement has asked for it:

http://www.nd.nl/artikelen/2012/januari/17/cda-wil-opheldering-transactietaks

(Google translation)

CDA wants clarification transaction tax

The European Commission (EC) to clarify the precise effects of introducing a transaction tax on economic growth. MEP Corinne Wortmann (CDA) has questions about the EC, let them know Tuesday.

According to the politician outlines the governance of the EU a much rosier picture of the financial transactions tax, for example, the Central Planning Bureau (CPB). Wortmann refers to a commission official said last month that the introduction of transaction tax on long term has little effect on economic growth.

In analysis of the EC and the CPB, however, assumed economic contraction. Wortmann therefore demands quick clarification on the figures. "That the financial sector should contribute to the damage of the financial and economic crisis is beyond dispute, but it must be properly done."
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However i doubt if this is the same report. Can they have it so soon? Is this a brand new report, based on new research, or just the old report, with adapted fictitious data.
 
IMF director Christine Lagarde on FTT:


https://mninews.deutsche-boerse.com...date-imfs-lagarde-need-more-timely-ecb-easing

* The financial sector should be subject to greater taxation, but taxing financial transactions may not be the best solution, International Monetary Fund Managing Director Christine Lagarde said on Monday. "The financial sector must contribute more," she told the German Council For Foreign Relations in Berlin, but "I would tend to favour a system that is based on the sum of profits, compensation, and salaries, in general." "I would not jump to the FTT [Financial Transaction Tax] because it is the FTT," she added. However, "we have to find a way to make the financial sector contribute more." [08:25 ET]
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Glad to hear. As finance minister of France she was a proponent of the FTT.
 
Quote from Rantany:

IMF director Christine Lagarde on FTT:


https://mninews.deutsche-boerse.com...date-imfs-lagarde-need-more-timely-ecb-easing


Glad to hear. As finance minister of France she was a proponent of the FTT.
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Good, independent French finance officials, Noyer of the French Central Bank, and Lagarde of the IMF know FTT is going to cause too much damage. While Hollande and Sarkozy both drum up and battle over votes with who can attack bankers -their scapegoats - the most. Let's get through the May French election and then have them table FTT, hopefully.

The financial sector is contributing to the crisis and sharing in the costs. Why not count the hundreds of billions banks and funds are losing on sovereign debt, mortgages, business loans and more. Banks are hunting for money to replenish capital and meet Basel III capital standards too. The EU has pushed hard for investor haircuts on Greece debt and it's getting worse for investors not better.

If that's not enough, consider FAT and bonus one-off taxes as they already did in the UK, rather than tax retail investors and freeze money markets with FTT or stamp duty.
 
Quote from sheda:

'Mr Semeta also said a new impact assessment carried out by the Commission would show that an FTT would have a “negligible” impact on growth – once assumptions about the economic benefits of the resulting government spending were taken into account. A previous assessment had warned of a 1.8 per cent dent in EU economic output in the long term.'

Ah there going to do some magic with a second assement now.
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http://www.europolitics.info/econom...sion-tries-to-cajole-london-art323977-30.html

The European Commission confirmed, on 23 January, that it plans to publish “in the coming weeks” a new assessment of the impact of the introduction of a financial transaction tax (FTT) in the Union. Its aim is to cajole the United Kingdom and...
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So the assessment would be published "in the coming weeks", but Semeta already knows the conclusion. Didn't knew it would be so difficult to adapt the old data so it will match the new conclusion ;)
 
Hmm...

EU ministers agree on budget agreement

(google translation)

BRUSSELS - Ministers from the 17 euro countries and several other European countries have agreed on Monday the budget pact.

Expected that the Government at the summit next week to finally agree on the new treaty.

Which made Minister Jan Kees de Jager announced after his discussions with his European colleagues.

About the budget agreement, 26 of the 27 EU Member States in early December in outline already. The past week has been working on the elaboration of the Convention, that tighter fiscal discipline on countries to enforce.

In March the treaty should be ratified. De Jager spoke of a''historic''pact.
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So would the FTT be part of it, or not? I can't imagine it would be.

// If the FTT wasn't part of it at the meeting this Monday, then i guess it probably would not be important at all at the coming EU summit.

Tomorrow ECOFIN. Maybe we'll find out more.
 
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