Foreword : Liquidity and stability or taxation and change the whole system?
Manfred WiebogenPresident ACI The Financial Markets Association
The global financial crisis has revived the discussion on a
financial transaction tax as a means of discouraging international
currency speculation, help shrink 'a swollen financial sector' and
perhaps simply to raise funds as an international (or national)
source of revenue.
For more than one year different (mainly) European politicians
have called for options on how the financial sector could make a
contribution to pay for government interventions during the
crisis, how to raise future tax income and even to use such
funding in fighting poverty in developing countries. The
discussion itself became more colourful when back in August Lord
Turner, head of Britain's Financial Services Authority (FSA)
supported such an idea and Gordon Brown, the British Prime
Minister recently shared his views and presented some proposals
at the Group of 20 meeting in November.
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