1. European Union financial transaction tax
From Wikipedia, the free encyclopedia
The European Union financial transaction tax (EU
FTT) is a proposal made by the European Commission
to introduce a financial transaction tax (FTT) within the
27 member states of the European Union by 2014. The
tax would impact financial transactions between
financial institutions charging 0.1% against the exchange
of shares and bonds and 0.01% across derivative
contracts.
The proposed EU financial transaction tax would be
separate from a bank levy, or a resolution levy, which
some governments are also proposing to impose on
banks to insure them against the costs of any future
bailouts. The tax that could raise 57 billion Euros per
year[1] remains controversial among EU member
states.[2] In October 2012 a group of eleven states began pursuing the idea of utilizing enhanced co-operation
to implement the tax in states which wish to participate.[3]
Contents
1 History
2 European Commission proposal
2.1 Scope
2.2 Tax rate and revenues
3 Evaluation and reception
4 Public opinion
5 Political support
5.1 Supporting countries
5.2 Opposing countries
5.3 Other countries
6 External links
7 See also
8 References
History
On June 28, 2010, the European Union's executive said it will study whether the European Union should go
alone in imposing a tax on financial transactions after G20 leaders failed to agree on the issue. The following
day the European Commission called for Tobin-style taxes on the EU's financial sector to generate direct
revenue for the European Union. At the same time it suggested to reduce existing levies coming from the 27
member states.[4]
European Commission proposal

2. On September 28, 2011, president of the European Commission Jose Barroso officially presented a plan to
create a new financial transactions tax "to make the financial sector pay
its fair share",[5] pointing out that the financial sector received 4.6
trillion euros from EU member states during the crisis.[6]
Given 10 EU member states already have a form of a financial
transaction tax in place, the proposal would effectively introduce new
minimum tax rates and harmonise different existing taxes on financial
transactions in the EU. According to the European Commission this
would also "help to reduce competitive distortions in the single market,
discourage risky trading activities and complement regulatory measures
aimed at avoiding future crises".
The Commission proposal requires unanimity from the 27 Member
States in order to pass.[7] France, Germany, Spain, Belgium, Finland
spoke in favor of the EU proposal.[1] Austria and Spain are also known
to support an EU FTT.[7] Nations that oppose the proposal include the The building of the European
United Kingdom, Sweden, the Czech Republic and Bulgaria.[1] Commission where the EU FTT
Particularly the UK government has expressed strong views about the proposal was drafted.
negative impact of the tax and is expected to use its power of veto to
block the implementation of this proposal, unless the tax was to be
introduced globally. The likelihood of a global FTT is low due to opposition from the United States.[7] As a
way out, advocates of the FTT such as the finance ministers from Germany, Austria and Belgium have
suggested that the tax could initially be implemented only within the 17-nation eurozone, which would
exclude reluctant governments like the United Kingdom and Sweden.[8][9] If adopted, the EU FTT would
come into effect on January 1, 2014.[5][10] In October 2012, after discussions failed to establish unanimous
support for an EU-wide FTT, a group of eleven states began pursuing the idea of utilizing enhanced co-
operation to implement the tax in states which wish to participate.[3][11]
Scope
The tax would be levied on all transactions on financial instruments between financial institutions when at
least one party to the transaction is located in the EU. It would cover 85% of the transactions between
financial institutions (banks, investment firms, insurance companies, pension funds, hedge funds and others),
but not affect citizens and businesses. House mortgages, bank loans to small and medium enterprises,
contributions to insurance contracts, as well as spot currency exchange transactions and the raising of capital
by enterprises or public bodies through the issuance of bonds and shares on the primary market would not be
taxed, with the exception of trading bonds on secondary markets.[12]
Following the "R plus I" (residence plus issuance) solution an institution would pay the tax rate appropriate
to the country of its residence, regardless of the location of the actual trade.[14] In other words, the tax would
cover all transactions that involve European firms, no matter whether these transactions take place within the
EU or elsewhere in the world. If acting on behalf of a client, e.g., when acting as a broker, it would be able
to pass on the tax to the client. Hence, it would be impossible for say French or German banks to avoid the
tax by moving their transactions offshore.[15]
Tax rate and revenues
Naturally estimated revenues may vary considerably depending on the tax rate but also on the assumed

3. effect of the tax on trading volumes. An official study by the Revenue Estimate for EU
European Commission suggests a flat 0.01% tax would raise between Financial Transaction Tax[13]
€16.4bn and €43.4bn per year, or 0.13% to 0.35% of GDP. If the tax Revenue
rate is increased to 0.1%, total estimated revenues were between Tax base Tax rate estimate
€73.3bn and €433.9bn, or 0.60% to 3.54% of GDP.[16] (€ billion)
Securities:
The official proposal suggests a differentiated model, where shares Shares .1% 6.8
and bonds are taxed at a rate of 0.1% and derivative contracts, at a Bonds .1% 12.6
rate of 0.01%. According to the European Commission this could
Derivatives:
approximately raise €57 billion every year.[16] Much of the revenue Equity linked .01% 3.3
would go directly to member states. The United Kingdom e.g. would
Interest rate linked .01% 29.6
receive around €10bn (£8.4bn) in additional taxes.[17] The part of the
tax that would be used as an EU own resource would be offset by Currency linked .01% 4.8
reductions in national contributions.[17] EU member states may EU total 57.1
decide to increase their part of the revenues by taxing financial
transactions at a higher rate.[5]
Evaluation and reception
European Commission
The European Commission itself expects the EU FTT to have the following impact on financial markets and
the real economy:[16][18]
Up to a 90 per cent reduction in derivatives transactions (based on the Swedish experience).
Slightly negative or positive effect on economic growth depending on the design of the EU FTT.
A long-run (20 year) reduction in gross domestic product in the EU by 0.53% if "mitigating effects"
take hold, or up to 1.76% if they don't. In May 2012 the EU Commission corrected its analysis and
now predicts a slightly smaller negative impact on economic growth of 0.3%, and even a positive
impact of at least 0,1% or €15bn if the generated tax revenues are spent on growth enhancing public
investments.[19] Algirdas Semeta, European Commissioner for taxation, customs, audit and anti-fraud
argues that "if the projected €57bn (£47.7bn) per year is put towards consolidating national budgets,
reducing other taxes or investing in public services and infrastructure, the direct economic effect of the
FTT should be positive for growth and employment in Europe".[17]
An effective curb on automated high-frequency trading and highly leveraged derivatives
An increase in capital costs, which could be mitigated by excluding primary markets for bonds and
shares from the tax
The real economy could be protected by ensuring the tax is levied only on secondary financial
products, thus not affecting transactions such as salary payments, corporate and household loans
In its latest study from May 2012 the European Commission also dismissed the belief that financial
institutions could avoid the tax by moving their transactions offshore, saying they could only do so by giving
up all their European customers.[19]
External experts
In February 2012, the Committee on Economic and Monetary Affairs of the European Parliament discussed
the European Commission proposal with financial experts. Avinash Persaud of Intelligence Capital, Sony
Kapoor of Re-Define and Stephany Griffith-Jones of Colombia University have all welcomed the suggested
financial transaction tax which, they argued would hit the right players, such as high frequency traders and
intermediary financial players, and not the real economy,[20][21] and which could lead to a 0.25% increase in

4. GDP.[22] Griffith Jones and Persaud estimate the positive impact on economic growth to amount to at least
€30bn until 2050.[19] At the Committee meeting Stephany Griffith-Jones and Avinash Persaud presented a
report which goes into more detail about this position.[23]
In this report, Griffith-Jones and Persaud base their claim that an FTT could lead to an 0.25% increase in
GDP on the assumption that the FTT would "decrease the probability of crises by a mere 5%".[24] However,
they do not believe that a Financial Transaction Tax on its own would prevent financial crises. The authors
argue:
"the FTT would somewhat reduce systemic risk, and therefore the likelihood of future crises.
We are clearly not arguing that on its own, the FTT would reduce the risk of crises, as prudent
macroeconomic policies and effective financial regulation as well as supervision also have a
major role to play in crisis prevention. However, by significantly reducing the level of noise
trading in general and reducing (or eliminating) high frequency trading in particular, the FTT
would make some contribution to the reduction of severe misalignments and hence the
probability of violent adjustments. Moreover, in financial crises “gross” exposures matter more
than the net ones, and financial transaction taxes will reduce the gap between the two. The
growth costs of crises are massive. For example, Reinhart (2009) estimates that, from peak to
trough, the average fall in per capita GDP, as result of major financial crises, was 9%. The
Institute of Fiscal Studies (2011) has recently estimated that for the UK, when comparing the
real median income household income in 2009-2010 with 2012-2013, the decline will be 7.4%.
Of course for European countries directly hit by the sovereign debt crisis, like Greece, the
decline of GDP and incomes will be far higher."[24]
In May 2012, member of the executive board of the European Central Bank Jörg Asmussen also spoke out in
favor of an EU FTT, citing additional revenues and justice to be the main reasons.[19]
Former International Monetary Fund Chief Economist Kenneth Rogoff is critical of a FTT, saying
"Europeans concluded that an FTT’s political advantages outweigh its economic flaws... there certainly is a
case to be made that an FTT has so much gut-level popular appeal that politically powerful financial
interests could not block it."[25] Similarly, Oxera,[26] the Sveriges Riksbank (Swedish National Bank)[27]
and the Netherlands Bureau for Economic Policy Analysis[28] have all come out with detailed analysis and
criticisms of the proposed EU FTT.
Public opinion
A Eurobarometer poll of more than 27,000 people published in January 2011 found that Europeans are
strongly in favour of a financial transaction tax by a margin of 61 to 26 per cent. Of those, more than 80 per
cent agree that if global agreement cannot be reached - a FTT should, initially, be implemented in just the
EU. Support for a FTT, in the UK, is 65 per cent. Another survey published earlier by YouGov suggests that
more than four out of five people in the UK, France, Germany, Spain and Italy think the financial sector has
a responsibility to help repair the damage caused by the economic crisis. The poll also indicated strong
support for a FTT among supporters of all the three main UK political parties.[29][30]
Political support
Supporting countries
On 9 October 2012, the following countries have agreed to implement a FTT based on the proposal of the
European Commission utilizing enhanced co-operation:[31]

5. Austria
Belgium
Estonia
France: In late 2001, the French National Assembly passed a Tobin tax amendment, which was
overturned by the French Senate in March 2002.[32][33][34] On 1 August 2012, newly elected French
president Francois Hollande introduced a unilateral 0.2 percent FTT, which is expected to generate
€170 million in additional revenues for 2012 and another €500 million in 2013.[35][36] (see: FTT in
France)
Germany: On 10 December 2009 the Chancellor of Germany Angela Merkel revises her position
and since then supports EU FTT.[37]
Greece
Italy: In January 2012, new Italian prime minister Mario Monti said Rome had changed track and
now backed the push for FTT, but he also warned against countries going it alone.[38]
Portugal
Slovakia
Slovenia
Spain
Opposing countries
Bulgaria: Bulgaria is opposed to the EU FTT.[1][39]
Czech Republic: The Czech Republic is opposed to the EU FTT.[1][39][40]
Denmark: Denmark opposes a FTT if applied only in the European Union.[41]
Luxembourg: In December 2011, prime minister of Luxembourg, Jean-Claude Juncker backed
EU FTT, saying Europe can’t refrain from “the justice that needs to be delivered” out of consideration
for London’s financial industry.[42] However on 13 March 2012, the government officially opposed
EU FTT.[43]
Malta: Malta opposes a FTT. The introduction of a blanket transaction tax by Europe would
jeopardise the island's competitiveness in the financial services sector.[44]
Sweden: Sweden opposes a FTT if applied only in the European Union.[1][43]
United Kingdom: The British government supports a FTT only if implemented worldwide. In
2009, Adair Turner (chair) and Hector Sants (CEO) of the UK Financial Services Authority both
supported the idea of new global taxes on financial transactions.[45][46][47] On the other hand, the
Bank of England strongly opposes a FTT. Its governor Mervyn King dismissed the idea of a “Tobin
tax” on 26 January 2010, saying: “Of all the components of radical reform, I think a Tobin tax is
bottom of the list ... It’s not thought to be the answer to the 'Too Big to Fail' problem - there’s much
more support for the idea of a US-type levy.”[48]
Other countries
Cyprus: Cyprus has been reported to be "less positive" about the FTT.[39]
Finland: Finland was originally among the nine EU members pushing for an EU FTT,[49] but now
it does not plan on participating in the enhanced cooperation.[31]
Hungary: Hungary is supportive of a FTT,[50] and on 16 July 2012 introduced a unilateral 0.1
percent FTT to be implemented in January 2013.[51]
Ireland: Ireland is in favour of a EU-wide FTT, but not of a Eurozone FTT.[52]
Latvia: Latvia has been reported to be "less positive" about the FTT.[39]

6. Netherlands: In October 2011, Dutch prime minister Mark Rutte said his cabinet supports a FTT
but opposes an introduction in only a few countries.[53] Nevertheless, the country blocked the
introduction of EU FTT in March 2012.[43] In October 2012 the new coalition government said it will
adopt the proposed EU FTT provided it is not imposed on pension funds.[54]
Poland: Poland is considering joining the EU FTT.[55][56]
Romania: Romania has stated that they would support an EU-wide FTT.[57]
Lithuania: Lithuania is not opposed to the FTT, but does not plan on participating in the enhanced
cooperation.[58]
External links
European Commission Proposal
(http://ec.europa.eu/taxation_customs/resources/documents/taxation/other_taxes/financial_sector/com(
2011)594_en.pdf)
Financial Transactions Taxes (http://stephanygj.net/papers/FTT.pdf) - report presented to the
Committee on Economic and Monetary Affairs of the European Parliament in February 2012 by
external experts Stephany Griffith-Jones and Avinash Persaud
See also
ATTAC (Association for the Taxation of Financial Transactions for the Aid of Citizens)
Bank tax
Europeans for Financial Reform
Exorbitant privilege
Financial markets
Financial transaction tax
Fluctuation in exchange rates
Foreign exchange controls
Foreign exchange market
Money market
Noise (economic)
Robin Hood tax
Spahn tax
Speculation
Speculative attack
Tobin tax
Transfer tax
Volatility (finance)
Volatility risk
2008–2009 Keynesian resurgence
Related economic crises
Financial crisis of 2007–2010
European sovereign debt crisis
References

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