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"Eleven states accept Tobin Tax," says the daily Luxemburger Wort. After many long months of talks, France and Germany have rallied Austria, Belgium, Spain, Estonia, Greece, Italy, Portugal, Slovakia and Slovenia to the idea of taxing financial transactions placed on EU financial markets. "Luxembourg is staying apart," the paper notes, as are the Netherlands, Sweden and the United Kingdom, the main opponents to the measure. "The eleven States have declared their readiness to act within the framework of 'reinforced cooperation' within the EU," the Luxemburger Wort says. It is now up to the European Commission to draft the legislation.
Alternative Berlin daily Die Tageszeitung hails the introduction of this tax, first proposed 40 years ago by economist James Tobin —
The argument over the tax on financial transactions has already lasted for so long that it is sometimes difficult to keep in mind all the steps taken - forward and backwards. But the most recent agreement between eleven European states who now want to introduce the tax is a true step forward. [...] Many are those who contributed to this success: first of all those civil society groups which developed the tax then pushed for years to have it introduced. [...] Unfortunately, societal pressure rarely wins against the financial lobby. That is exactly why this example of the tax on financial transactions provides encouragement.
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Yet, warns Guy Tegenbos, editor-in-chief of Belgian daily Der Standaard, the tax will not be the "Robin Hood tax" envisaged by Tobin. In particular because it is unclear what transactions will be taxed or to what end the revenue raised will be attributed —
We do not know what it will look like, but it is almost certain that this tax will not correspond to what Tobin originally had in mind: an instrument to fight pure financial speculation because it is practically impossible to put an end to that. [...] A few countries will not participate thus allowing the major market players to bypass this tax. And the revenues? Will they serve a noble goal? Well, they will plug the cash flow problems. That is also noble, but it is not the inspiring ideal envisioned at the outset.
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