Abstract
With the continuous tensions over the financial transaction tax (FTT) in the European Union (EU), it is necessary to research the Tobin tax and the proposal of the Commission for a FTT in the EU. This paper shows that the FTT should be introduced in the EU for multiple reasons. There are three contentious issues in the literature with regard to the FTT that were explored in this paper: the effects of a FTT on price volatility, its effects on speculation, and its feasibility. My research of the academic work shows that the counter-arguments are mostly academic in nature and pale in comparison with the benefits such a tax could offer. I expanded on this and elaborated why, outside of scholarly debate, the FTT is a good idea that should be realized, and why it will most certainly offer great benefits to the EU in the long run.
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