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The struggle over the Financial Transactions Tax. A politico-economic farce

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  • Stephan Schulmeister

Abstract

The struggle over the FTT has developed in three phases. In the first phase (2009 to 2011) the supporters of the tax went on the offensive, supported by the ?shock effects? of the financial crisis. This phase ended with the (preliminary) ?victory? in the form of the FTT proposal of the European Commission (EC) in September 2011. The second phase was shaped by the search for ways how to implement the FTT within the EU. It ended with the publication of a modified FTT proposal by the EC in February 2013 as basis for the implementation in 11 Member States. The last phase has been marked by a strong counter-offensive of the financial lobby which succeeded in playing off FTT supporting countries against each other, in particular Germany and France. This phase ended with a defeat of the FTT supporters. Not even in a group of EU Member States will a general FTT be implemented in the foreseeable future. The struggle over the FTT was mainly carried out in two ?battlefields?, the intellectual disputes between economists at universities, research institutes and international organizations, and the political controversies between NGOs, political parties, governments and pressure groups, in particular the finance industry.

Suggested Citation

  • Stephan Schulmeister, 2015. "The struggle over the Financial Transactions Tax. A politico-economic farce," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 15-55.
    • Handle: RePEc:cai:reofsp:reof_141_0015
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    Cited by:

    1. Stephan Schulmeister, 2014. "Die große Depression, der New Deal, ihre Bewertung durch den Mainstream und die Krise Europas," WIFO Working Papers 483, WIFO.
    2. Sarah Godar & Christoph Paetz & Achim Truger, 2015. "The scope for progressive tax reform in the OECD countries. A macroeconomic perspective with a case study for Germany," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 79-117.
    3. Stephan Schulmeister, 2014. "Von Roosevelt lernen: Sein "New Deal" und die große Krise Europas," WIFO Working Papers 473, WIFO.
    4. Capelle-Blancard, Gunther, 2016. "The abrogation of the “Impôt sur les opérations de bourse” did not foster the French stock market," Finance Research Letters, Elsevier, vol. 17(C), pages 257-266.
    5. Roman Šperka & Irena Szarowská, 2015. "Impact of a Financial Transaction Tax on a Financial Market," Working Papers 0013, Silesian University, School of Business Administration.

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