29 October 2014, Brussels, 13:00 - 14:30
Facing mounting pressure from public opinion - especially in distressed countries - to rein in financial excesses, 11 EU Member States agreed to introduce a tax on shares and some derivatives through enhanced cooperation by 2016. Participating countries will also maintain their existing national tax schemes on derivatives, if not covered by the common legislation. However, significant details need to be worked out, such as where the tax would be paid. The proposal attracted huge criticism from Member States that traditionally lean towards the concerns of the financial sector regarding the effect on growth and jobs, and also from the supporters of the Commission's original proposal in 2012 which was judged tlo be more ambitious. Would it be better to return to the Commission's proposal, and what would be the chances of overcoming the opposition of some Member State? Does a financial transaction tax make sense if adopted by only a limited number of countries, and what is the record of countries which have approved similar measures on their own?
A Citizen’s Controversy with Dominique Plihon, Professor at the University Paris XIII, and Christian Valenduc, Senior Advisor at the Belgian Federal Ministry of Finance and Professor at the Universities of Louvain and Namur.
The debate was moderated by Pierre Defraigne, Executive Director, Madariaga - College of Europe Foundation.
The debate was held in English.