Financial Taxes and the Sand in the Wheels of Financialization:Legal Challenges for the EU Directive Implementing Enhanced Cooperation in the Area of Financial Transaction Tax

One of the many results of the Global Financial Crisis was the insight that the financial sector is under-taxed compared to other industries. In light of the huge bailouts and continued subsidies for financial institutions that are characterized as too-big-to-fail demands came on the agenda to make finance pay for the mega-crisis it caused. The most prominent examples of such taxes are a Financial Transaction Tax (FTT) and a Financial Activities Tax (FAT). Possible effects of such taxes on the economic constitution and increasingly in particular on the European Single Market have been discussed controversially over the last decades already. Especially with the decision of eleven EU member states to adapt an FTT using the enhanced cooperation procedure a number of additional legal challenges for implementing such a tax have emerged. This paper analyzes how tax measures of indirectly regulating the financial industry differ, what legal challenges they pose, and what their overall contribution would be in making the financial system more stable and resilient. It also analyzes the legal arguments against enhanced cooperation in this area and the legal issues related to the British lawsuit against the Commission’s Directive proposal in the European Court of Justice on grounds of the extra-territoriality application of tax. The paper concludes that the feasibility of an FTT is legally sound and given the FTT’s advantages over a FAT the EU Directive should be implemented as a first step for a European-wide FTT. However, significant uncertainties about its implementation remain at this stage.

Soil conditioning of sand for EPB applications:A laboratory research

EPB tunnelling requires the application of soil conditioning to increase its field of applicability particularly for cohesionless soils. Choosing the most suitable conditioning set for the various soils requires the use of a feasible laboratory test which can permit to define the characteristics of the conditioned soils and provide measurable data. A series of tests has been carried out using a laboratory screw conveyor device which was designed for this purpose and which simulates the extraction of the spoil from a pressure chamber in a similar way as in EPB tunnelling. The tested soils were medium-grain sands with varying amounts of silt and the tested conditioned mixtures were obtained with different water contents and amounts of foam. A simple slump test was also used to analyze the global characteristics of the conditioned soils. The test has shown that the proposed laboratory procedure permits a quantitative comparison to be made between different conditioning amounts and agents on the basis of measurable parameters. © 2007 Elsevier Ltd. All rights reserved.

Pull-out behaviour of steel grid soil reinforcement embedded in silty sand

This paper investigates the pull-out behaviour (particularly the bearing resistance) of a steel grid reinforcement embedded in silty sand using laboratory tests and numerical analyses. It is demonstrated that the various common analytical equations for calculating the bearing component of pull-out resistance give a wide range of calculated values, up to about 200% disparity. The disparity will increase further if the issue of whether to use the peak or critical state friction angle is brought in. Furthermore, these equations suggest that the bearing resistance factor, N, is only a function of soil friction angle which is not consistent with some design guidelines. In this investigation, a series of large scale laboratory pull-out tests under different test pressures were conducted. The test results unambiguously confirmed that the N factor is a function of test pressure. A modified equation for calculating N is also proposed. To have more in-depth understanding of the pull-out behaviour, the tests were modelled numerically. The input parameters for the numerical analysis were obtained from laboratory triaxial tests. The analysis results were compared with the experimental results. Good agreement between experimental and numerical results was achieved if the strain-softening behaviour from peak strength to critical state condition was captured by the soil model used. © 2013 Elsevier Ltd.

Assessment of commercial sand barge radar for detecting overwintering diving ducks at Lough Neagh

Overwintering diving ducks at Lough Neagh have declined dramatically in recent years, but it has been suggested that on-to-offshore redistribution may have led to an underestimate of numbers. Most species feed nocturnally and their distribution at night is unknown. We used radar and visual observations from on board commercial sand barges to determine the diurnal distribution of diving duck flocks in an effort to assess the feasibility of using standard
boat-mounted radar to describe their nocturnal feeding distribution. Sand barge radar was poor in identifying flocks compared to independent visual observations as it was sensitive to interference by waves during windy conditions. However, visual observations were useful in describing diurnal distribution. Sand barges were on average 1.5km from shore when a flock of diving ducks was observed and the probability of detection declined with distance from shore. This supports the reliability of shore-based counts in monitoring and surveillance. Given the poor performance of commercially available boatmounted radar systems, we recommend the use of specialised terrestrial Bird Detecting Radar to determine the movements of diving ducks at Lough Neagh.

Footprints in the sand: a persistent spatial impression of fishing in a mobile groundfish assemblage

Fishing is well known to curtail the size distribution of fish populations. This paper reports the discovery of small-scale spatial patterns in length appearing in several exploited species of Celtic Sea demersal 'groundfish'. These patterns match well with spatial distributions of fishing activity, estimated from vessel monitoring records taken over a period of 6 years, suggesting that this 'mobile' fish community retains a persistent impression of local-scale fishing pressure. An individual random-walk model of fish movement best matched these exploitation 'footprints' with individual movement rates set to <35 km per year. We propose that Celtic Sea groundfish may have surprisingly low movement rates for much of the year, such that fishing impact is spatially heterogeneous and related to local fishing intensity.

Species composition of coastal dune vegetation in Scotland has proved resistant to climate change over a third of a century

Climate change is expected to have an impact on plant communities as increased temperatures are expected to drive individual species' distributions polewards. The results of a revisitation study after c. 34years of 89 coastal sites in Scotland, UK, were examined to assess the degree of shifts in species composition that could be accounted for by climate change. There was little evidence for either species retreat northwards or for plots to become more dominated by species with a more southern distribution. At a few sites where significant change occurred, the changes were accounted for by the invasion, or in one instance the removal, of woody species. Also, the vegetation types that showed the most sensitivity to change were all early successional types and changes were primarily the result of succession rather than climate-driven changes. Dune vegetation appears resistant to climate change impacts on the vegetation, either as the vegetation is inherently resistant to change, management prevents increased dominance of more southerly species or because of dispersal limitation to geographically isolated sites.