European leaders may have lost the opportunity to forge real change by curbing speculation and regulating the 'dangerous' financial sector, which led to the current crisis in the first place, says campaign group.
Despite promising initial signs, the idea of introducing a financial transaction tax - more commonly known as a Robin Hood tax in the European Union - still seems a long way off. There has been a major lobbying operation by the financial sector. It has implemented a scaremongering strategy - manipulating ideas and figures to persuade the EU institutions, national governments, the media and the public to think that an FTT is a terrible idea that will drive the EU towards economic collapse. It seems that Robin Hood's bow and arrow have been able to do little against the financial sector's power.