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

It seems that they have mainly discussed the ESM, and that 99% of the budget pact has already been implemented in existing legislation. I don't think they have talked about the FTT (much).


Quote from sheda:

Bailouts will only be offered to European governments that ratify a new budget pact aimed at avoiding a repeat of the eurozone debt crisis, according to a new draft of the treaty

Wow - dont sign up to have your country controled by the E(france/germany)U and you have the right to default.
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It looks like they have agreed on that too
 
Quote from Robert A. Green:

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.
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Good. But it shows how politicians are a joke on this matter. Crossing the atlantic had some effects on her convictions apparently...LOL. They are just here to explain the view of their body or win votes before elections.
 
FTT will be on ECOFIN today (informal):

http://www.euractiv.com/euro-finance/tax-spat-dog-finance-ministers-news-510332

European finance ministers are set for a spat today over the extent to which the financial transactions tax (FTT) – strongly backed by France and Germany– should be pushed on the EU agenda.

The move comes as the two countries push to find common cause on taxation, seeking path-finding proposals for harmonising their corporate tax bases, VAT and fiscal levels.

The FTT is not on the formal agenda of today’s EU finance ministers meeting, but France will set out its proposals on the issue at an informal breakfast beforehand.

The French will also ask the Danish presidency to give the issue accelerated priority during its EU tenure, and will be supported by Germany, whose Chancellor, Angela Merkel, and finance minister Wolfgang Schӓuble strongly support the tax.

The UK also wants the issue discussed among finance ministers, but in order to put the it to a vote and have it thrown off the ministerial agenda altogether, which would compel those countries wanting the introduction of the tax to use enhanced co-operation procedure.

The UK is confident Ireland will support London, which strongly opposes the tax, and Sweden. Swedish prime minister Fredrik Reinfeldt has opposed the FTT vocally in the past.

Reinfeldt attended an informal dinner with Merkel and the Austrian and Portuguese prime ministers in Berlin last Thursday (19 January) at which the FTT was discussed, but it is unclear if the event changed his stance.

[...]
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Not a word about the stamp duty anymore..
 
Also interesting:

Analyst: Merkozy micromanages EU institutions

The latest document released by German Chancellor Angela Merkel and French President Nicolas Sarkozy in preparation of the 30 January European summit is a sad example of micromanagement of the EU Commission and Council, a prominent Brussels-based political analyst told EurActiv.

Piotr Maciej Kaczyński, a research fellow at the Centre for European Policy Studies, said it was "not for France and Germany to set up the agenda of the European Commission, and certainly not their job to set up the agenda of the European Council".

He was commenting on a leaked paper - "Ways out of the crisis: strengthen growth now" - prepared by Paris and Berlin as "Proposals for the European Councils in January and March 2012".

[...]

"Those who set the agenda of the EU Council are people around Herman Van Rompuy. If France and Germany want to have an input on that, they should transmit their ideas to Herman Van Rompuy, Kaczyński said.

He added that the legislative issues which are touched upon in the document should be proposed by the Commission, while elements such as tax coordination or the proposed financial transactions tax (FTT) should be addressed by Van Rompuy.

'Crossing the line'

"This six-point document is a lot of wishful thinking, a lot of micromanagement, and stepping into not your foot. It's rubbish, this is what it is," he added.

[...]

Asked about the British frustrations over the proposed FTT and the latest Commission statements the UK would have to pay even while staying out, Kaczyński said that linking FTT with the fiscal compact was "at least a misunderstanding".
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BRUSSELS (Dow Jones)--Luxembourg Finance Minister Luc Frieden said Tuesday implementing a financial transaction tax only in the euro zone is a bad idea.

"It's a bad idea because it would have the effect of pushing financial transactions to other European countries where such a tax doesn't exist," Frieden said as he left a meeting of EU finance ministers in Brussels. [...]

http://online.wsj.com/article/BT-CO-20120124-705978.html
 
http://www.timesofmalta.com/article...al-transactions-tax-similar-to-malta-s.403716

Denmark backs a global financial transaction tax but fears that limiting one to Europe could hamper economic and job growth, Prime Minister Helle Thorning-Schmidt said today in comments which mirror the stand already expressed by Malta.
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"The government's position is that it would be reasonable to have a global tax on financial transactions," Thorning-Schmidt told reporters.

"We have no ideological opposition in principle to start (introducing a tax) in Europe, but we have to listen to those who say that such a tax risks leading to financial transactions being moved elsewhere" where the tax doesn't exist, she warned.
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"When we consider a tax on financial transactions we have to make sure it is robust enough. And we're not convinced that the project currently on the table is just that," Thorning-Schmidt said.

The Danish government is open to discussion on the subject however and "if some countries want to speed up the process (of discussion) we are ready to do so," she said.
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Quote from Rantany:

New publication from the Dutch CPB (pdf, in English):

Financial transaction tax: review and assessment
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I felt the repost was rather ambiguous toward the FTT until the last few paragraphs, in particular:

"The FTT introduced in the EU will likely raise significant revenues, even though trade in some products will markedly decline under the FTT, either moving to other markets outside of the geographic scope of the FTT, or disappearing altogether. In the short term, the incidence of the tax will fall in particular on those holding securities. In the longer run, the tax will be borne partly by customers’ of the financial sector, and this will impact negatively on economic growth."
 
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