e-Forex Magazine | Foreword | Liquidity and stability or taxation and change the whole system?

Foreword : Liquidity and stability or taxation and change the whole system?

First Published in e-Forex Magazine January 2010

Manfred Wiebogen

Manfred Wiebogen

President 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.

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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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