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Toussaint, Eric

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Le Soir - Belgium | 19/02/2014

Time for a true Tobin tax

The currencies of large emerging countries have lost up to 20 percent of their value since May 2013 due to speculative attacks. Since 95 percent of banks' currency trading is done for speculative reasons, the economist Eric Toussaint calls in the liberal daily Le Soir for a true Tobin tax: "The decision taken in January 2013 by eleven Eurozone governments to impose a tax of 0.1 percent is completely inadequate, firstly because it does not apply to currency trading, and secondly because it's not even certain that it will go into effect any time soon. The banks are exerting enormous pressure to avoid it and to further restrict its scope of application. The French government has close ties with the banks, and works actively to satisfy the demands of the banking lobby. In such a biased context there can be no fair solution. That's why it is high time to halt the speculation spiral by introducing a veritable Tobin-type tax as the first step towards a complete ban on currency speculation."

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