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: September 18, 2012, 8:30 am

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

Topics

Read article Download PDF

Working Paper

THE GLOBALIZATION OF ANGEL INVESTMENTS

The globalization of angel investments

Nature and consequences of angel investments across a variety of geographies with varying levels of venture capital markets and other forms of risk capital.

By: Josh Lerner, Antoinette Schoar, Stanislav Sokolinski and Karen E. Wilson Topic: Finance & Financial Regulation, Innovation & Competition Policy Date: September 1, 2015
Read article

Blog Post

Guntram B. Wolff
Thomas Walsh

The dragon sneezes, Europe catches a cold

European stock prices, financial contagion and the trade exposure to China. How the turmoil in China’s stock market is affecting European stock markets through Europe's trade exposure to China

By: Guntram B. Wolff and Thomas Walsh Topic: Finance & Financial Regulation, Global Economics & Governance Date: August 26, 2015
Read article More on this topic

Opinion

Ashoka Mody
Guntram B. Wolff

Euro Area Banks Remain Vulnerable

Strengthening the banking system is important to achieve a sustainable recovery, because it will revitalise credit to the healthier segments of the economy. However without restructuring, euro area banks are still vulnerable.

By: Ashoka Mody and Guntram B. Wolff Topic: Finance & Financial Regulation Date: August 21, 2015
Read article More on this topic

Blog Post

Ashoka Mody
Guntram B. Wolff

Still vulnerable: the euro area’s small and medium-sized banks

In our recent research we show that the small and medium-sized banks (SMBs) – and among them the unlisted banks – remain under considerable stress.

By: Ashoka Mody and Guntram B. Wolff Topic: Finance & Financial Regulation Date: August 14, 2015
Read article More on this topic More by this author

Blog Post

Jérémie Cohen-Setton

The decline in market liquidity

Has it become harder for buyers and sellers to transact without causing sharp price movements?

By: Jérémie Cohen-Setton Topic: Finance & Financial Regulation Date: August 12, 2015
Read article Download PDF More on this topic

Working Paper

The Vulnerability of Europe's Small and Medium-Sized Banks

The Vulnerability of Europe's Small and Medium-Sized Banks

Stress tests show significant weaknesses in Europe's small and medium-sized banks. Strengthening the banking system is important to achieve a sustainable recovery because it will revitalise credit to the healthier segments of the economy. But instead of emphasising bank recapitalisation, we believe the task is to shrink the banking sector to a healthier core.

By: Ashoka Mody and Guntram B. Wolff Topic: Finance & Financial Regulation Date: July 15, 2015
Read article More by this author

Blog Post

Alicia García-Herrero

China's stock market falling off a cliff: Why, and why care?

Spurred by interventions from Chinese authorities, the Chinese stock market was rallying. However, the recent sell-off has wiped out one third of China’s stock market value. Why is this happening and what does it mean for the global economy?

By: Alicia García-Herrero Topic: Finance & Financial Regulation, Global Economics & Governance Date: July 9, 2015
Read about event More on this topic

Upcoming Event

28 
Oct
2015
08:15

Financial Stability Conference 2015

How to design the Future Financial System? Resolution Framework, Crisis Prevention and Capital Markets Union

Topic: Finance & Financial Regulation
Read article Download PDF

Working Paper

pad_200_283_The_political_economy_of_financial_crisis_policy_COVER_02

The political economy of financial crisis policy

Government intervention to stabilise financial systems in times of banking crises ultimately involves political decisions. This paper sheds light on how certain political variables influence policy choices during banking crises and hence have an impact on fiscal outlays. 

By: Mícheál O’Keeffe and Alessio Terzi Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: July 7, 2015
Read about event More on this topic

Past Event

Past Event

Capital requirements and loss absorbing capacity for large banks

What kind of structural and behavioral changes can the EU implement in order to prevent another banking crisis? How can EU policies and institutions maintain an environment that is conducive to financially stable business practices?

Topic: Finance & Financial Regulation Date: July 7, 2015
Read about event

Past Event

Past Event

How can development banks best support growth in Central, Eastern and South Eastern Europe?

European Macroeconomics & Governance

Topic: Finance & Financial Regulation, Global Economics & Governance Date: June 2, 2015
Read article Download PDF More by this author

Essay / Lecture

Europe’s radical banking union

Europe’s radical banking union

Bruegel scholar Nicolas Véron argues in this thought-provoking essay that banking union ultimately enabled the European Central Bank’s announcement that it would buy large quantities of government bonds if needed and on the condition of a financial support programme.

By: Nicolas Véron Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: May 5, 2015
Load more posts