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Delayed Industry Capture: A Lobbying Analysis of the EU Financial Transaction Tax

Abstract : 1st lines: In January 2013, eleven euro zone states, including France, Germany, and Italy, decided to introduce a Financial Transaction Tax (FTT) with the goal of making the financial sector contribute to the cost of economic recovery after the 2008 financial crisis as well as creating disincentives for speculative trading. At first sight, the case of the EU FTT shows all signs of drastic “industry capture,” whereby financial sector groups dominate the policy process. The initial Commission proposal of September 2011 included a broad-based FTT, with very few exemptions.However, as a consequence of massive industry lobbying, exacerbating differences among member states during subsequent negotiations, the Commission proposal was considerably watered-down. The initial start date for an FTT of January 2014 had to be repeatedly postponed. There is wide-spread agreement among financial experts, market participants, and academics that the final version of the FTT will differ substantially from the initial proposal, resembling a narrow tax with many exemptions for various financial instruments. Despite continued statements of support for an FTT by heads of state and government as well as finance ministers of participating member states renewing their political commitment to an FTT, market participants are now anticipating a start date of January 2017.
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Lisa Kastner. Delayed Industry Capture: A Lobbying Analysis of the EU Financial Transaction Tax. 2015. ⟨hal-02385476⟩

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