The objections of the French Central Bank governor Christian Noyer to the European Financial Transactions Tax is shocking, sad and comical – all at once. France is better off seeking competitive gains elsewhere and not in and through Finance.
Howard Davies, first and former Chairman of the UK Financial Services Authority (FSA) notes in a piece for ‘Project Syndicate’ that
too big to fail” is another area in which the initial post-crisis enthusiasm for global solutions has failed. The unfortunate result is an uneven playing field, with incentives for banks to relocate operations, whether geographically or in terms of legal entities. That is not the outcome that the G-20 – or anyone else – sought back in 2009. [Link]