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The EU's Role in Global GovernanceThe Legal Dimension$
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Bart Van Vooren, Steven Blockmans, and Jan Wouters

Print publication date: 2013

Print ISBN-13: 9780199659654

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199659654.001.0001

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The Proposed Financial Transaction Tax Directive: The Quest to Create Momentum at the G20 Through Internal Legislation

The Proposed Financial Transaction Tax Directive: The Quest to Create Momentum at the G20 Through Internal Legislation

Chapter:
(p.272) 17 The Proposed Financial Transaction Tax Directive: The Quest to Create Momentum at the G20 Through Internal Legislation
Source:
The EU's Role in Global Governance
Author(s):

Bart Van Vooren

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199659654.003.0018

In the wake of the 2008 financial crisis, taxation of the financial sector has reemerged on the European Union political agenda. Since then, several EU Member States and the European Parliament have sought to stimulate this idea in the form of a financial transaction tax (FTT). This chapter examines the EU's capacity to affect legal and institutional processes in global governance required for implementation of the FTT. It suggests that the EU faces numerous internal and external obstacles in the global playing field. The first obstacle to EU global success lies within itself: strongly divided opinions between the Member States, and within the EU institutions themselves, on the merits of the global or regional financial transaction tax.

Keywords:   taxation, European Union, tax policy, global financial governance, Member States

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