03 October 2022
The Wind Doesn’t Fall – it Drops
Excessiveness can be actually measured in many ways, but it is always time sensitive, and path dependent. As the Global financial crisis in 2008 has clearly demonstrated, excessive profits by banks in the first decade of the century were by far offset with the immense losses coming after, and the Governments were urged to grant subsidies and grants to the very same companies they overtaxed just some years before. The conclusion in this respect is that any judgment of excessiveness depends on the timespan considered. Both the Italian and the European legislator seem to have forgotten this aspect. Continue reading >>
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26 August 2022
Sharing the Cost of the Crisis
In late July, the two political parties supporting the Spanish Government (the socialist party and the leftist Podemos) presented a proposal for approving a law on the windfall profits of banks and large energy companies in Parliament. This is supposed to tax companies earning extra profits from the recent price increase in energy and the financial sector which was slightly affected by the increase in inflation but will have a considerable profit from the rise of interest rates. The bill could serve as an example for other European countries. Continue reading >>
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