Warning: date() expects parameter 2 to be long, string given in /home/bruegelo/public_html/wp-content/themes/bruegel/content.php on line 92

Warning: date() expects parameter 2 to be long, string given in /home/bruegelo/public_html/wp-content/themes/bruegel/content.php on line 96

Warning: date() expects parameter 2 to be long, string given in /home/bruegelo/public_html/wp-content/themes/bruegel/content.php on line 99

Past Event

Reforming financial sector taxation: what has been done and what challenges remain?

This event was co-organised by Bruegel and the Fiscal Affairs Department (FAD) of the International Monetary Fund. Building on the IMF’s report, at the 2010 Toronto G20 Summit Heads of States agreed that “the financial sector should make a fair and substantial contribution towards paying for any burdens associated with government interventions, where they occur, […]

Date: Sep 18 - Topic: Finance & Financial Regulation

This event was co-organised by Bruegel and the Fiscal Affairs Department (FAD) of the International Monetary Fund.

Building on the IMF’s report, at the 2010 Toronto G20 Summit Heads of States agreed that “the financial sector should make a fair and substantial contribution towards paying for any burdens associated with government interventions, where they occur, to repair the financial system or fund resolution.” The purpose of this workshop was to take stock of the actions taken since the onset of the crisis, to revisit the debate on various financial sector taxes and to assess the challenges ahead.

Please note the workshop was held under the Chatham House Rule.

Practical details

  • Venue: Bruegel, Rue de la Charité 33, 1210 Bruxelles
  • Time: 18 September 2012, 9:30 – 18:00
  • Contact: matilda.sevon@bruegel.org

Event materials

  • "Financial Sector Taxation – The IMF’s Report to the G-20 and Background Material" here
  • "Taxing Financial Transactions: An Assessment of Administrative Feasibility", IMF Working Paper here
  • "Taxing Financial Transactions: Issues and Evidence", IMF Working Paper here
  • "Financial Transaction Tax: Small is Beautiful", Bruegel Policy Contribution
  • "Rethinking the Taxation of the Financial Sector", CESifo economic studies here
  • "Taxing Finance", article in Finance & Development here
  • Biographies of speakers here
  • Press release here

Agenda here

09.30-10.00 Coffee

10.00-10.30 Welcome and opening remarks

  • Carlo Cottarelli, Director, IMF FAD, Washington, D.C.
  • Jean Pisani-Ferry, Director of Bruegel, Belgium
  • Nemat Shafik, Deputy Managing Director, IMF, Washington, D.C.

10.30-12.30 Session 1: ‘Bank taxes’: taxes on balance sheets

Chair: Mario Nava, Acting Director & Head of Unit for Banks and Financial conglomerates, European Commission, DG MARKT

Rationales and broad design issues:

Michael Keen, Deputy Director, IMF FAD here

Country experiences:

  • Fredrik Bystedt, Director-General, Financial Markets and Institutions, Swedish Ministry of Finance here
  • Christian Kastrop, Deputy-Director General, Economic Policy Department, Director of Public Finance and Economic Affairs, German Ministry of Finance here
  • Mike Williams, Director Business and International Tax, HM Treasury

Industry perspective:

  • Roger Kaiser, Senior Adviser, European Banking Federation here

Discussion

12.30-13.30 Lunch

13.30-14.30 Session 2: Financial transaction taxes

Chair: Zsolt Darvas, Research Fellow at Bruegel, Belgium

Speakers:

  • Roland Bellegarde, Group Executive VP and Head of European Execution, NYSE Euronext
  • Rolf Diemer, Head of Unit, European Commission, DG TAXUD here
  • John Vella, Senior Research Fellow, Oxford University Centre for Business Taxation

Discussion

14.30-15.30 Session 3: Financial Activities Tax (FAT) and Value Added Tax (VAT)

Chair: Emmanuel van der Mensbrugghe, Director Offices in Europe, IMF

Speakers:

  • Michel Aujean, Partner of Taj, Former Head of tax policy, EU Commission here
  • Marianna Jonasdottir, Director General, Revenue and Taxation Department, Ministry of Finance, Iceland here
  • Victoria Perry, Division Chief, Tax Policy, IMF FAD, Washington, D.C. here

Discussion

15.30-15.50 Coffee break

15.50-17.20 Closing panel

Chair: Nemat Shafik, Deputy Managing Director, IMF, Washington, D.C.

Speakers:

  • Josef Christl, Managing Director of Macro-Consult and Advisor to the Management Board of ERSTE Group
  • Carlo Cottarelli, Director, FAD IMF, Washington, D.C.
  • Pierre Habbard, Senior Economist of the International Trade Union Confederation (ITUC)
  • Jean Pisani-Ferry, Director of Bruegel, Belgium

Warning: Invalid argument supplied for foreach() in /home/bruegelo/public_html/wp-content/themes/bruegel/content.php on line 449
Read article More on this topic

Blog Post

Building positive incentives: the potential of coalitions for sustainable finance

We need to move towards more sustainable, long-term thinking in the corporate and financial worlds. Coalitions of willing actors could play a role in driving this process. But what makes for an effective coalition, and how can this be measured? The authors assess existing coalitions for sustainable finance and business, and argue that well-functioning coalitions can positively reinforce social and government action.

By: Enrico Nano and Dirk Schoenmaker Topic: Finance & Financial Regulation Date: July 18, 2017
Read article Download PDF More on this topic More by this author

Policy Contribution

Precautionary recapitalisation: time for a review?

While precautionary recapitalisation is a legitimate instrument for bank crisis management, the conditions set for it by BRRD (Bank Recovery and Resolution Directive) are restrictive and have so far been effective to prevent its inappropriate use on insolvent banks. Nevertheless, the European Stability Mechanism should be empowered to participate in future precautionary recapitalisations.

By: Nicolas Véron Topic: Finance & Financial Regulation Date: July 13, 2017
Read article Download PDF More on this topic More by this author

External Publication

Precautionary recapitalisations: time for a review

Precautionary recapitalisation, a tool for public intervention in the banking sector defined in the Bank Recovery and Resolution Directive (BRRD), is a legitimate instrument for bank crisis management. The conditions set for it by BRRD are restrictive and have so far been effective to prevent its inappropriate use on insolvent banks. Outside of the scope of BRRD, the co-legislators should consider a reform of the EU audit framework to improve audit quality, and the European Stability Mechanism should be empowered to participate in future precautionary recapitalisations.

By: Nicolas Véron Topic: Finance & Financial Regulation Date: July 12, 2017
Read article More by this author

Blog Post

How to make finance a force for sustainability

Traditional finance focuses on financial return, considering the financial sector separate from both society and the environment. In contrast, sustainable finance considers financial, social and environmental returns in combination. In a new essay, Dirk Schoenmaker provides a framework for sustainable finance highlighting the move from the narrow shareholder model to a broader stakeholder model. Here he presents the key arguments.

By: Dirk Schoenmaker Topic: Energy & Climate, Finance & Financial Regulation Date: July 12, 2017
Read article Download PDF More by this author

Essay / Lecture

Investing for the common good: a sustainable finance framework

Traditional finance focuses solely on financial return and risk. By contrast, sustainable finance considers financial, social and environmental returns in combination. This essay provides a new framework for sustainable finance highlighting the move from the narrow shareholder model to the broader stakeholder model, aimed at long-term value creation for the wider community. Major obstacles to sustainable finance are short-termism and insufficient private efforts. To overcome these obstacles, this essay develops guidelines for governing sustainable finance.

By: Dirk Schoenmaker Topic: Energy & Climate, Finance & Financial Regulation Date: July 11, 2017
Read article Download PDF More on this topic More by this author

Policy Contribution

A macro approach to international bank resolution

As regulators rush to strengthen banking supervision and implement bank resolution regimes, a macro approach to resolution is needed that considers both the contagion effects of bail-in and the continuing need for a fiscal backstop to the financial system. This can be facilitated through the completion of a banking union in which the European Stability Mechanism (ESM) becomes the fiscal backstop to the euro-area banking system.

By: Dirk Schoenmaker Topic: Finance & Financial Regulation Date: July 10, 2017
Read about event

Upcoming Event

Sep
7-8
09:00

Bruegel Annual Meetings 2017

The Annual Meetings are Bruegel’s flagship event. They offer a mixture of large public debates and small private sessions about key issues in European and global economics. In a series of high-level discussions, Bruegel’s scholars, members and stakeholders will address the economic policy challenges facing Europe.

Speakers: José Antonio Álvarez Álvarez, Agnès Bénassy-Quéré, Pervenche Béres, Jean Luc Demarty, Anna Ekström, Lowri Evans, Sandro Gozi, Peter Grünenfelder, Patrick Graichen, Reiner Hoffman, Levin Holle, Steffen Kampeter, Peter Kažimír, Emmanuel Lagarrigue, Steven Maijoor, Nathalie Moll, James Murray, Carlos Sallé Alonso, André Sapir, Dirk Schoenmaker, Mateusz Szczurek, Marianne Thyssen, Liviu Voinea, Johan Van Overtveldt, James Waterworth, Ida Wolden Bache and Guntram B. Wolff Topic: Energy & Climate, European Macroeconomics & Governance, Finance & Financial Regulation, Global Economics & Governance, Innovation & Competition Policy Location: Square - Brussels Meeting Centre
Read about event

Past Event

Past Event

Is there a way out of non-performing loans in Europe?

At this event we looked at the issue of non-performing loans in Europe. The event also saw the launch of the latest issue of "European Economy – Banks, Regulation and the Real Sector."

Speakers: Emilios Avgouleas, Giorgio Barba Navaretti, Giacomo Calzolari, Maria Demertzis, Martin Hellwig, Helen Louri and Laura von Daniels Topic: European Macroeconomics & Governance, Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: July 6, 2017
Read about event More on this topic

Past Event

Past Event

The EU27’s trade-offs in setting policy on central counterparties

This workshop aims to investigate the trade-offs involved in the next steps of decision-making for the future EU27 policy regarding central counterparties (CCPs / clearing houses).

Speakers: Nicolas Véron Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: July 5, 2017
Read about event

Upcoming Event

Sep
25
12:30

How can sustainable finance contribute to the Paris climate goals?

What is the role of sustainable finance in reaching the Paris Climate goals? What are the specific proposals towards this goal and which are the challenges facing the implementation of green finance?

Speakers: Peter Blom, Viktoria Dendrinou, Olivier Guersent, Stewart James and Dirk Schoenmaker Topic: Energy & Climate, Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels
Read article More on this topic More by this author

Blog Post

A tangled tale of bank liquidation in Venice

What can we learn about the Italian banking sector from the decision to liquidate Veneto Banca and Banca Popolare di Vicenza? Silvia Merler sees a tendency for Italy to let politics outweigh economics.

By: Silvia Merler Topic: Finance & Financial Regulation Date: June 26, 2017
Read about event

Past Event

Past Event

Fintech and the digital transformation of banking

FinTech is changing the financial sector. What are the challenges associated with this and what policies should we adopt in response?

Speakers: Xavier Corman, Cora van Nieuwenhuizen, Georgios Petropoulos, Ezequiel Szafir and Pēteris Zilgalvis Topic: Finance & Financial Regulation, Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 20, 2017
Load more posts