Emilio Botin, chairman of Banco Santander after the possibility of a new tax on financial institutions:
"To think that a special tax for banks will serve to strengthen the financial system is a error. This tax would be an obstacle to recovery "?
Now, the fee is calling on financial transactions:
If applied at a rate of 0.1% over the financial transactions in Europe alone over one year could be raised each year 321 billion dollars. A negligible amount when you consider that to achieve compliance with the Millennium Development Goals by 2015 will require 135 billion dollars a year.
international civil society requires that the financial sector to pay for their excesses. For its part, the G20 countries call for alternatives because the tax cost to the rescue of financial institutions has made to their coffers is about 2.8% of GNP, as International Monetary Fund data.
The aim of this new trend is twofold: firstly to relieve the significant deficits that draw many governments and, secondly, to create "financial cushion" that can respond to future crises. Additionally, although to a lesser extent, seek to strengthen financial regulation to curb speculative behavior of economic markets.
Because of these concerns, some European governments and the Obama administration has already implemented or are timid proposals in the process of doing so. The fundamental mode is being used are the bank fees that are oriented primarily to the second objectives, the creation of these "financial cushion." There
defend study the technical feasibility of this charge, noting that its effect on international financial stability and long-term would be very positive.
"To think that a special tax for banks will serve to strengthen the financial system is a error. This tax would be an obstacle to recovery "?
Now, the fee is calling on financial transactions:
If applied at a rate of 0.1% over the financial transactions in Europe alone over one year could be raised each year 321 billion dollars. A negligible amount when you consider that to achieve compliance with the Millennium Development Goals by 2015 will require 135 billion dollars a year.
international civil society requires that the financial sector to pay for their excesses. For its part, the G20 countries call for alternatives because the tax cost to the rescue of financial institutions has made to their coffers is about 2.8% of GNP, as International Monetary Fund data.
The aim of this new trend is twofold: firstly to relieve the significant deficits that draw many governments and, secondly, to create "financial cushion" that can respond to future crises. Additionally, although to a lesser extent, seek to strengthen financial regulation to curb speculative behavior of economic markets.
Because of these concerns, some European governments and the Obama administration has already implemented or are timid proposals in the process of doing so. The fundamental mode is being used are the bank fees that are oriented primarily to the second objectives, the creation of these "financial cushion." There
defend study the technical feasibility of this charge, noting that its effect on international financial stability and long-term would be very positive.
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