BRUSSELS - Since economist James Tobin launched the idea in 1972, we have never been closer to the implementation of a financial transaction tax (FTT). However, we risk getting a tax with its name, but only few of the characteristics which make it a tool for equity and sustainable development. Only the original can help to cure an ailing financial system, not a stripped down surrogate.

The FTT debate is rather technical and complex. Instead of one tax, we are actually talking about a variety of possible taxes depending on variables like tax rate, introduction on primary and/or secondary markets, measures to counter tax evasion, and the number of countries participating.