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

Quote from listedguru:

I thought this nugget was interesting:

Speaking at the event, Roger Liddle, an ex-adviser to European Commission president Jose Manuel Barroso and Tony Blair, said upcoming elections in Europe could make an FTT more likely.

He said: “It has a lot of political traction and the momentum behind it is quite strong on the continent. It will be strengthened if Francois Hollande becomes French president next month and if the German SDLP enter the Government in Berlin, which I think is quite likely, even if Mrs Merkel remains Chancellor.”

He added that those arguing, as Chancellor George Osborne does, that an FTT should only be introduced at a global level do not take into account the “global clout” of the EU. He said if the EU implemented the levy, it would “pressure” other jurisdictions to follow suit.


I still find it highly unlikely that an EU or EZ FTT is going to happen. Whats more likely is a hodge podge of member states doing their own thing when it comes to the ftt so to speak. The EZ might not be around that much longer (LOL).

-Guru
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sounds like a sales tactic to me. ABA (always be assuming) - "well known analysts, at well known political think tanks, housed in very strong and well respected countries with outstanding economies believe that the public loves this idea, but feel that if these countries impose such a measure, other countries would have to follow suit or they would be "left out".

is the public still this stupid?
 
It’s all gone a bit quiet on the financial transactions tax front but Algirdas Šemeta, the European Union’s tax commissioner, wants you to know that the idea is still very much alive.

In an interview with Die Zeit, the German daily, he said he’s not giving up on the idea that “derivatives must also be covered by the tax” in order to reach a compromise at the EU level. He also seems to think that:

“There are no serious arguments against this tax.”
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http://ftalphaville.ft.com/blog/2012/04/24/970881/
 
http://www.europarl.europa.eu/news/...tion-tax-a-wider-and-stronger-net-is-possible

The adopted text adds to the Commission proposal an "issuance principle" whereby financial institutions located outside the FTT zone would also be obliged to pay the FTT if they traded securities originally issued within this zone.
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Later:

Various exemptions were requested by a number of MEPs. In the end the most substantive exemption was that granted to pension funds, which would see the tax waived on their transactions.
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That still doesn't tackle the cascade effect though.

More hot air from the European Parliament. Even if the commission adopts the above, the European Council won't change their mind, so no change.

It is more important that the incoming Netherlands government stays with their previous position though, as their coming off the fence and saying no was the final nail in the coffin for a eurozone ftt.
 
Members of the European Parliament’s Committee on Economic and Monetary Affairs (ECON) have voted for the introduction of a Europe-wide financial transaction tax, despite strong opposition from national governments. While Parliament has no co-decision powers on the dossier, rapporteur Anni Podimata (S&D, Greece) said the vote - secured by 30 votes to 11 - would send a “strong political signal” to reluctant countries that the EU needs to raise new revenues to beat the crisis.
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http://www.europolitics.info/busine...or-financial-transaction-tax-art332631-8.html
 
ECB head backs Malta’s position

The European Central Bank governor has taken the same position as Malta on the proposed introduction of an EU-wide financial transaction tax, saying it will not work unless introduced on a global level.

“To be practical, an FTT would have to be undertaken by all countries, otherwise you will have a displacement of industry towards countries that don’t have this tax,” Mario Draghi told members of the European Parliament’s Economic and Monetary Affairs Committee (Econ).

[...]
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http://www.timesofmalta.com/articles/view/20120428/local/ECB-head-backs-Malta-s-position.417345
 
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