Tobin tax-like proposals are back on the agenda. Latest example: France and Germany managed to get the financial transaction tax (FTT) proposal de facto into the Pittsburgh Declaration of the G20. The IMF is tasked to prepare a report on instruments to make the financial industry "a fair and substantial contribution toward paying for any burdens associated with government interventions to repair the banking system". Dani Rodrik comments the new momentum.
G20 in Pittsburgh
Something happened in late August that I never thought I would see in my lifetime. A leading policymaker in the Anglo-American empire of finance actually came out in support of a Tobin tax – a global tax on financial transactions. The official in question was Adair Turner, the head of the United Kingdom Financial Services Authority (FSA), the country’s chief financial regulator. Turner, voicing his concerns about the size of the financial sector and its frequently obscene levels of compensation, said he thought a global tax on financial transactions might help curb both ... ... this article comes up in WDEV 5/Sep-Oct 2009 and is for subscribers only. For direct log in >>> click here.If you have no subscription >>> pick your option or >>>
At first glance, everyday life seems not to have changed in Istanbul. The streets are congested; people hurry to the ferry or the bus. For weeks, there has been no terror attack. Nevertheless, there are some visible changes. There are much more policemen in the streets. In some days, the Istiklal Caddesi, the main shopping street on the European side, seems to be under a state of siege. At every street corner, there is police van with the blue light switched on.
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