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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 - Finance & Financial Regulation Tags & Topics

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
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Policy Contribution

pc-23-12European Parliament

The impact of the legal and operational structures of euro-area banks on their resolvability

Following the financial crisis, the question of how to handle a big bank’s collapse has come to the fore. This Policy Contribution evaluates the obstacles to resolvability that the legal and operational structures of the large euro-area banks could pose to the European Union’s new resolution regime.

By: Dirk Schoenmaker Topic: European Parliament, Finance & Financial Regulation, Parliamentary Testimonies Date: December 6, 2016
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Blog Post

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Can public support help Europe build distressed asset markets?

Distressed asset investors can relieve banks of their NPL overhang and offer valuable restructuring expertise, although banks will need to realise a further valuation loss. Regulators could do a lot to support the growth of this market.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: November 29, 2016
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Past Event

Past Event

Integrating stress tests within the Basel III framework

How can we integrate supervisory stress tests with the Basel III framework in a macroprudentially coherent and transparent manner?

Speakers: Benjamin Friedrich, Anatoli Segura Velez and Dirk Schoenmaker Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 24, 2016
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Opinion

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South Korea and Indonesia: a capital match

Mutually beneficial Jakarta-Seoul relationship could develop further with an upgrade in Jakarta’s sovereign debt.

By: Alicia García-Herrero Topic: Finance & Financial Regulation, Global Economics & Governance Date: November 23, 2016
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Upcoming Event

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The outlook for European financial centres

This event organised joinly by Bruegel, the Malta Financial Services Authority, and the Maltese Ministry for Finance will discuss the outlook for European Financial Centres.

Speakers: J V Bannister, Juanita Bencini, J Portelli, Georg Ringe, Edward Scicluna, Nicolas Véron and William Wright Topic: Finance & Financial Regulation Location: Notabile Road, Attard BKR 3000, Malta
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Past Event

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Competition policy and regulation in the banking sector

SUMMARY The event started with a presentation by Xavier Vives, Professor of Economics and Financial Management at IESE Business School, who introduced his new book “Competition and Stability in Banking”. By looking backward through the different banking crisis, it seems that regulation has not being able to cope with shadow banking – there were failures […]

Speakers: Mathias Dewatripont, Gert-Jan Koopman, Michala Marcussen, Dirk Schoenmaker and Xavier Vives Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 21, 2016
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Working Paper

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Reform of the European Union financial supervisory and regulatory architecture and its implications for Asia

This Working Paper reviews recent developments in the EU’s financial supervisory and regulatory architecture with a view to draw out lessons for regional financial regulatory architecture in Asia.

By: Zsolt Darvas, Dirk Schoenmaker and Nicolas Véron Topic: Finance & Financial Regulation, Global Economics & Governance Date: November 17, 2016
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Blog Post

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Stealing London’s financial crown would bring both benefits and responsibilities

After Brexit, several major cities across the EU27 are looking to take over London's financial activity. While there are plenty of benefits in hosting a major financial centre, it also comes with significant risks and responsibilities.

By: Dirk Schoenmaker Topic: Finance & Financial Regulation Date: November 17, 2016
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External Publication

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What role for the financial markets in Europe?

The European European financial system is too strongly bank-based. How can it be rebalanced to become favourable to growth and employment again? (This paper is only available in French).

By: Grégory Claeys Topic: Finance & Financial Regulation Date: November 16, 2016
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What next for Europe's banking system?

At this event Valdis Dombrovskis presented a package on capital requirements and set out his vision for the EU banking system

Speakers: Valdis Dombrovskis, Reza Moghadam and Guntram B. Wolff Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 15, 2016
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Podcast

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Debt resolution: moving on after the crisis

An excess of indebtedness is constraining economic growth in many economies. Indeed, the deleveraging since the financial crisis is exceptionally slow. Why is this the case, and what can be done about it?

By: Bruegel Topic: Finance & Financial Regulation Date: November 8, 2016
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How can we fix the deficiencies in the EU financial system? Bank-state-nexus, business models and the missing level playing field

Topic: Finance & Financial Regulation Location: ESMT, Schlossplatz 1, 10178 Berlin Date: November 3, 2016
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