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Alternative Market Briefing

Mixed feelings about 'Tobin’ tax

Friday, January 13, 2012

Benedicte Gravrand, Opalesque Geneva:

There’s been a lot of commotion since the European Commission, in September 2011, released a Directive to put in place a Financial Transaction Tax (FTT). While MEPs seem more ready than ever to vote for the implementation of the tax, some experts warn of its potential "devastating" or "seismic" effects on the markets.

The latest reaction is a letter from EDHEC to the French Prime Minister, reminding him of the potential effect of such a tax – especially since the French government is planning to go ahead with it without waiting for the EU's go ahead.

EDHEC-Risk Institute sent a letter to French Prime Minister François Fillon on Tuesday, to appeal against the plans announced by French President Sarkozy earlier this month, to establish a financial transaction tax – aka a Tobin tax – this spring.

EDHEC-Risk Institute is part of EDHEC Business School, one of Europe’s leading business schools. The Institute had already sent a letter to the European Commission in July last year, complete with a research report on the effect of such a tax, advising a debate on the matter before making any decision.

"By deciding not to wait for the conclusion of this debate and by planning for France, without its European partners, to push ahead with the imposition of such a tax on......................

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