EU Heads of State got us a step closer to Robin Hood taxes and to fairer finance last week.
At their Council meeting in Brussels on Thursday, European Leaders agreed that “Member States should introduce systems of levies and taxes on financial institutions to ensure fair burden-sharing and to set incentives to contain systemic risk”.
This goes further than the idea of a simple bank levy that seemed to be gathering momentum. Such a levy would not have raised much cash and was not enough to tackle underlying problems in financial markets – just to create a fund to bail us out next time they would inevitably go wrong. Continue reading