Calling into question the tax on banks and utilities
The Foundation for Applied Economics Studies (Fedea) has published a very critical note signed by its Director, Angel de la Fuente, pointing out the "arbitrariness" of the new extraordinary taxes on the financial and energy sectors announced last July by Pedro Sánchez and seconded by the parties that make up and support the coalition government.
Main conclusions of the analysis:
- A controversial aspect of the proposal is that it grants the new taxes the status of a non-tax public contribution (a figure designed for the financing of public services provided under concession).
- Fedea points out that "the main problem of the text is the arbitrariness of these new levies created ad hoc".
- The proposal seeks to "interfere with the free functioning of companies and markets, to try to preset by law the effective distribution of the burden of a tax regardless of market conditions, which are those that determine the real incidence of taxes in an unplanned economy".
- The objective is to place the blame on sectors that "can benefit the most from the rise in prices through an improvement in their margins". However, "neither banks nor utilities are among the most profitable sectors in Spain 2021. Clearly ahead the industry, commerce and hospitality and even more profitable the information and communications sector". Thus, its author insists that "no minimally consistent reasons are offered to support the thesis that the new taxes are not arbitrary levies but rather well-proportioned contributions”.
- Regarding the provision of the proposal that forbids the direct or indirect passing on of the levy to the customers of the companies affected (and which entrusts the CNMC, with the collaboration of the Bank of Spain, to monitor compliance with this prohibition), Ángel de la Fuente stresses that this "represents an attack that is difficult to justify against the freedom of enterprise, which is constitutionally protected. Ensuring that the increase in a specific item of costs is not passed on is mission impossible, but establishing the obligation to try to do so may open up a dangerous path towards direct interference with business decisions in which the government should not interfere".
Filter results
According to IE University’s Center for the Governance of Change, deeper and more integrated financial markets would strengthen the euro’s global role. This requires, among other elements, resilient and interoperable payment systems and completing the banking union.
Partnerships between banks and private credit: The winners will be those that combine bank underwriting discipline, distribution, and customer access with private capital’s appetite for long-dated, illiquid risk, according to Oliver Wyman.
Lucrezia Reichlin (CEPR): A CBDC is not a prerequisite for monetary sovereignty. Confusing money with payments can risk misdiagnosing the problem and misaligning economic policy efforts.
According to the World Economic Forum´s Global Risk Report 2026, geoeconomic confrontation, mis- and disinformation and societal polarization make up the top three short-term risks, while environmental risks dominate in the long term.
According to the World Economic Forum, over the last few years AI has moved from experimentation to workflow integration, promising systemic gains in productivity while also raising critical questions around economic inclusion, values, trust and resilience.
According to AFME, a clearer, more coherent, and proportionate regulatory environment, without unnecessary layers and focuses on growth and competitiveness, is keyl to increase investor confidence, unlock private capital and deepen European capital markets
According to the Center for the Governance of Change at IE University, Europeans support technological progress if it reinforces security, inclusion, and social welfare; but resist it when change feels imposed, opaque, or misaligned with their values.
According to a recent report released by CEPS, European financial regulators should adopt competitiveness as a formal secondary objective, following the precedent established by the UK's Financial Services and Markets Act 2023.
According to the OECD. SMEs and start-ups that grow rapidly contribute significantly to job creation, economic growth and competitiveness. Indeed, SMEs that grow by one-third over a three-year period, contribute about as much to job creation as large firms.
According to @McKinsey, banks must prepare for a new growth curve. Strategic precision —the ability to combine technology, capital discipline, and deep customer insight— will distinguish the leaders from the laggards.
According to Kristalina Georgeva IMF Managing Director, lifting growth requires three things: one, regulatory housecleaning to unleash private enterprise; two, deeper regional integration; and three, preparedness to harness AI.
According to The European House – Ambrosetti, the European Union has an opportunity to boost competitiveness and growth by simplifying regulatory and supervisory frameworks, particularly in the areas of sustainability and the financial sector.