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.

Whole-Vehicle modelling of exhaust energy recovery on a diesel-electric hybrid bus

Hybrid vehicles can use energy storage systems to disconnect the engine from the driving wheels of the vehicle. This enables the engine to be run closer to its optimum operating condition, but fuel energy is still wasted through the exhaust system as heat. The use of a turbogenerator on the exhaust line addresses this problem by capturing some of the otherwise wasted heat and converting it into useful electrical energy.

This paper outlines the work undertaken to model the engine of a diesel-electric hybrid bus, coupled with a hybrid powertrain model which analysed the performance of a hybrid vehicle over a drive-cycle. The distribution of the turbogenerator power was analysed along with the effect on the fuel consumption of the bus. This showed that including the turbogenerator produced a 2.4% reduction in fuel consumption over a typical drive-cycle.

The hybrid bus generator was then optimised to improve the performance of the combined vehicle/engine package and the turbogenerator was then shown to offer a 3.0% reduction in fuel consumption. The financial benefits of using the turbogenerator were also considered in terms of fuel savings for operators. For an average bus, a turbogenerator could reduce fuel costs by around £1200 per year.

Dynamic axle force and road profile identification using a moving vehicle

The axle forces applied by a vehicle through its wheels are a critical part of the interaction between vehicles, pavements and bridges. Therefore, the minimisation of these forces is important in order to promote long pavement life spans and ensure that bridge loads are small. Moreover, as the road surface roughness affects the vehicle dynamic forces, the monitoring of pavements for highways and bridges is an important task. This paper presents a novel algorithm to identify these dynamic interaction forces which involves direct instrumentation of a vehicle with accelerometers. The ability of this approach to predict the pavement roughness is also presented. Moving force identification theory is applied to a vehicle model in theoretical simulations in order to obtain the interaction forces and pavement roughness from the measured accelerations. The method is tested for a range of bridge spans in simulations and the influence of road roughness level on the accuracy of the results is investigated. Finally, the challenge for the real-world problem is addressed in a laboratory experiment.

A Novel Approach for Axle Detection in Bridge Weigh-In-Motion Systems

Bridge weigh-in-motion (B-WIM), a system that uses strain sensors to calculate the weights of trucks passing on bridges overhead, requires accurate axle location and speed information for effective performance. The success of a B-WIM system is dependent upon the accuracy of the axle detection method. It is widely recognised that any form of axle detector on the road surface is not ideal for B-WIM applications as it can cause disruption to the traffic (Ojio & Yamada 2002; Zhao et al. 2005; Chatterjee et al. 2006). Sensors under the bridge, that is Nothing-on-Road (NOR) B-WIM, can perform axle detection via data acquisition systems which can detect a peak in strain as the axle passes. The method is often successful, although not all bridges are suitable for NOR B-WIM due to limitations of the system. Significant research has been carried out to further develop the method and the NOR algorithms, but beam-and-slab bridges with deep beams still present a challenge. With these bridges, the slabs are used for axle detection, but peaks in the slab strains are sensitive to the transverse position of wheels on the beam. This next generation B-WIM research project extends the current B-WIM algorithm to the problem of axle detection and safety, thus overcoming the existing limitations in current state-of–the-art technology. Finite Element Analysis was used to determine the critical locations for axle detecting sensors and the findings were then tested in the field. In this paper, alternative strategies for axle detection were determined using Finite Element analysis and the findings were then tested in the field. The site selected for testing was in Loughbrickland, Northern Ireland, along the A1 corridor connecting the two cities of Belfast and Dublin. The structure is on a central route through the island of Ireland and has a high traffic volume which made it an optimum location for the study. Another huge benefit of the chosen location was its close proximity to a nearby self-operated weigh station. To determine the accuracy of the proposed B-WIM system and develop a knowledge base of the traffic load on the structure, a pavement WIM system was also installed on the northbound lane on the approach to the structure. The bridge structure selected for this B-WIM research comprised of 27 pre-cast prestressed concrete Y4-beams, and a cast in-situ concrete deck. The structure, a newly constructed integral bridge, spans 19 m and has an angle of skew of 22.7°.