Death by a Thousand Cuts? Financial Political Power and the Case of the European Financial Transaction Tax

Kalaitzake, Manolis

doi:10.1080/13563467.2017.1311850

Cited by 29 publications

(18 citation statements)

References 36 publications

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“…In parallel, they used their structural power arguments in the media, highlighting how the tax will impact the economic growth of the EU. Also Kalaitzake (2017) found that the active deployment of structural dependence arguments was the predominant strategy of financial sector associations against the European financial transaction tax. Lobbyists argued that the tax will harm the economy and thereby consumers, playing to the fears of policymakers.…”

Section: Theories Of Special Interest Groupsmentioning

confidence: 99%

The political economy of the abolition of wealth taxes in the OECD

Clark¹,

Gronwald²,

Fernandez³

et al. 2020

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Section: Theories Of Special Interest Groupsmentioning

confidence: 99%

The political economy of the abolition of wealth taxes in the OECD

Clark¹,

Gronwald²,

Fernandez³

et al. 2020

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“…Various recent studies have shown that those interests found their way into the political process via the alliance between central banking and shadow banking. Thus, the ECB played a crucial role in fending off an aggressive proposal by the European Commission for a financial transaction tax that would have taxed repo transactions (Gabor, 2016b, Kalaitzake, 2017. Similarly, the ECB went out of its way to protect the securitization market.…”

Section: Shadow Money and Infrastructural Powermentioning

confidence: 99%

Central banking, shadow banking, and infrastructural power

Braun¹,

Gabor²

2019

Preprint

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Public monetary governance and private market practices are closely entangled. Monetary policy depends on private financial infrastructures. At the same time, central banks exert considerable influence on market structures and practices. This paper presents the theoretical rationale for analyzing state-finance interactions through the lens of infrastructural entanglement and infrastructural power. We then apply this perspective to two crucial cases, showing how and why the Federal Reserve and the European Central Bank advocated and actively promoted, for monetary policy purposes, the development of shadow banking and shadow money. These cases serve to illustrate our argument that financialization could not have unfolded the way it has without increased infrastructural entanglement of central banking and shadow banking.

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“…These directives have the potential to change the European financial landscape, but the precise effects on market‐based banking and the EU financial sector are still uncertain (Hendrikse et al, ). Meanwhile, the boldest of all post‐crisis proposals, the financial transaction tax, has been dying a slow death (Gabor, ; Kalaitzake, ). ECB opposition hastens the death, as the tax would endanger the transmission of monetary policy, which reversed European entropy after Draghi started pumping liquidity into the system (Braun, ).…”

Section: Conjunctures Of European Financial Integration (1986–2017)mentioning

confidence: 99%

European Union financial integration, a geography perspective

Meeteren

2019

Geography Compass

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During the last 30 years, the financial sectors of the different European Union member states have gradually coalesced toward operating in a single, integrated, European financial space. This paper analyses financial integration by chronicling the process from Jacques Delors' single market project until the recent capital markets union. Drawing on geographical theories of space and scale, the paper collates the large interdisciplinary literature on financial integration with an emphasis on the work of financial geographers. The result is a distinctive geographical perspective on European financial integration intended to inform new rounds of empirical research.

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Death by a Thousand Cuts? Financial Political Power and the Case of the European Financial Transaction Tax

Cited by 29 publications

References 36 publications

The political economy of the abolition of wealth taxes in the OECD

The political economy of the abolition of wealth taxes in the OECD

Central banking, shadow banking, and infrastructural power

European Union financial integration, a geography perspective

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