The instability of the financial markets have been initially faced by acting with regulatory instruments both at national and at European level: for almost a decade the effort has been the establishment of a framework of macro- and micro-financial supervision which is founded on supranational institutions although it safeguards the distinctive features of the national markets. Nonetheless the result of stabilizing markets, limiting volatility and reducing speculative attitudes has been only partially reached, and that’s the reason why the Commission is keeping an eye on completely different mechanisms of dissuasion. The Commission has proposed a system of taxes on the financial transactions, which would pursue several different aims: it would guarantee a consistent revenue, which could be used for extra fiscal purposes, such as development and climate protection; it could diminish the merely speculative behaviors emerging in the brokering and it would force the financial activities to give a contribution to exit the crisis, which has imposed sacrifices upon several economic sectors but not upon the financial one. The positions of literature are quite various about this matter, and the essay reconstructs the different problematic issues involved; but also the Member States appear quite cautious, as they fear that competition in the financial markets could be strongly conditioned. The interpretation which is advanced is that the choice for the Financial Transaction Tax (FTT) will be determined mainly by political considerations, more than by economical evaluations: it will be a challenge for the European and national authorities, who are expected to demonstrate courage of using the instrument of taxation in order to obtain results which the regulatory measures are not able to achieve satisfactorily; results which can be considered directed to aims of social justice, and this is a quite innovative signal arriving from the European Union.
|Citazione:||Buzzacchi, C. (2014). Levies for extra fiscal purposes: taxing financial transactions as ‘a fair and substantial contribution’ climate protection and developments. Intervento presentato a: Social justice 2014, London.|
|Carattere della pubblicazione:||Scientifica|
|Presenza di un coautore afferente ad Istituzioni straniere:||No|
|Titolo:||Levies for extra fiscal purposes: taxing financial transactions as ‘a fair and substantial contribution’ climate protection and developments|
|Data di pubblicazione:||2014|
|Nome del convegno:||Social justice 2014|
|Appare nelle tipologie:||02 - Intervento a convegno|