For a tax on capital market

The proposed reforms in the financial sector do not seem to be happening in a hurry. There are problems on at least two levels: the current regulatory system and the nature of reforms being pursued. The present approach to reform is marked by delays and the pursuit of a discretionary approach. Hence, additional capital buffers under BASEL III are not to be put in place until 2018. Western banks with the largest cross-border lending and vulnerabilities are lobbying to dilute even these proposals.

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