A New Tax Strategy for the European Union: FTT and FAT, Realistic or a Bridge too Far?

This note examines the various possibilities for imposing a tax on the financial sector, including a Financial Transaction Tax and/or a Financial Activities Tax and concludes that although states may be inclined to introduce such taxes at the national level due to a lack of political will at the EU level, harmonization of direct taxes at the EU level is a better option and an inevitable consequence of a globalized world.