The International Monetary Fund (IMF) has today supported calls for an international bank tax, otherwise known as a "Tobin tax". While on the face of it this may seem like an opportunistic move by the IMF, there may be grounds for this particular idea when you consider the billions upon billions of pounds which the IMF has paid out over the last two years to support industries and economies which have been flattened by the recession.
As we know, while there has been government influence with regards to the worldwide economic downturn, many governments around the world have laid the blame fairly and squarely at the door of the worldwide banking industry. While this in itself is a debatable fact, as governments ultimately control the flow of credit into economies, there is no doubt that the IMF (via its many contributors) has paid out enormous amounts of money to various rescue plans.
If even a small percentage of the proposed changes to the worldwide banking sector actually reach the regulatory stage then the worldwide banking industry we will see tomorrow will be very different to the worldwide banking industry we see today. However, reining in the power of the worldwide banking sector will not happen overnight and no doubt we will see various legal challenges in the weeks, months and years ahead. This is a battle which could go on for many years to come
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