More to Do on Financial Sector Tax, Says IMF’s Lipsky
IMF Blog, January 28, 2010
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Bibliographic details
- Authors: the G-20 industrialized, emerging market countries will play a key role in making decisions about the issue.
- Published: January 28, 2010
Global economic outlook
- The IMF is forecasting that world growth will bounce back from negative territory in 2009 to 3.9 percent this year and 4.3 percent in 2011.
- Mood among delegates in Davos, Switzerland, is "more upbeat than it was one year ago during the crisis," but concerns remain about the resilience of the economic recovery.
Political context and regulatory pressure
- Decision makers feel under intense political pressure to act on financial sector regulation.
- A consensus on how to move ahead on a financial sector tax has not yet emerged.
G-20 process and IMF role
- A process initiated by the G-20 industrialized and emerging market countries will play a key role in making decisions about a financial sector tax.
- The IMF has been asked by the G-20 to supply an options paper and would have "a critical role in helping to coalesce the political authorities around a single set of ideas," according to John Lipsky.
- At a summit in Pittsburgh in September 2009, G-20 leaders asked the IMF to prepare the paper in time for their June 2010 meeting laying out a range of options for financial sector taxation.
- A preliminary version of the options paper will be ready for discussion at the April 2010 G-20 ministerial meeting.
Miscellaneous
- Interview conducted from Davos, Switzerland.
- Content was also posted on the Huffington Post.
Source: More to Do on Financial Sector Tax, Says IMF’s Lipsky (January 28, 2010)