“Although limited presently in scope and at an apparently low rate, the tax will nevertheless provide an extra layer of financial bureaucracy that will dissuade some market participants from transacting in the Eurozone. More importantly, the measure is a ‘supra national’ tax that helps to pave the way towards a global taxation system. Not only will such a system be economically damaging, but it will be devoid largely of effective democratic accountability.  At a time when governments should be encouraging the free flow of capital, this measure moves us exactly in the wrong direction.”

http://www.europac.net/commentaries/eu_financial_tax_portends_loss_market_leadership

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