At one of the Eurogroup meetings, the finance ministers approved the tax on currency operations for eleven out of twenty seven member states to protect financial institutions against speculations, which have already caused a crisis in 2008, and force them to turn to the real sector of economy.
The process of implementing the new tax has already started. This reform is called Tobin tax, by the name of an economist who suggested this concept. Today the countries that are going to impose the Tobin tax include Germany, France, Italy, Spain, Austria, Portugal, Belgium, Estonia, Greece, Slovakia, and Slovenia. Ukraine decided to modify the concept of Tobin tax making it obligatory for sellers of a currency to individuals.
“There is no fully market economy in the world. The prime example is Europe, where finance ministers approved the Tobin tax. It seems Europeans have finally realized how much damage the speculators can cause. By the way, our commission on currency selling is an analogous to Tobin tax, at least, it has the same goals,” Aleksandr Sokolov, Pro Consulting Analytical Department Director, said.
Evaluating the consequences of Tobin tax introduction, the expert of informational and analytical center at ForexClub in Ukraine, Maria Salnikova, expressed an opinion that it will be effective, as those who want to earn on hryvna devaluation will find it unprofitable.
