Eleven years after the peak of the global financial crisis, the EU is still struggling to introduce a functional financial transactions tax (FTT). The proposed tax has been held high on the pedestal of reforms allegedly necessary to solve the ills of the banking sector and to decrease systemic risk-taking in the financial markets. Alas, hype is not a substitute for analysis. FTT-light? Following years of EU-wide in-fighting over various FTT proposals, ten European Union member states are finally approaching a binding agreement on the subject, according to German Finance Minister Olaf Scholz’s note issued last week by the Finance…

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