Editorial

Christina Jackson

Almost as soon as the October issue of FITAR went to press, the EU Commission President, José Manuel Barroso, set out a proposal for a Financial Transaction Tax (FTT) to be applied across Europe – and effectively beyond – with the aim of discouraging some unproductive forms of trading and avoiding fragmentation of the single market and any impact on competitiveness of the financial services industry. A collateral objective of the proposal is to ensure better functioning of the internal market, which remains the main source of growth in the Union.