The Spanish government will impose the Tobin tax in 2013. This is a special tax on financial transactions conceived of by James Tobin in 1971 and resurged in 2008.
But Tobin himself does not think that it's an adequate tool for combating the crisis. The proposal that the Ministry of Finance circulated among the banks has stirred up a big commotion. Banks and brokers are taxed for certain trades. The tax, which is being reinstated to increase tax revenues, could boomerang and exacerbate the problems faced by banks and companies.
The tax was implemented hastily, suggesting that the Ministry of Finance is nervous.
