Unfortunately, the document that we received from the International Monetary Fund, the IMF, was provided in English only. It is their fault and not that of the Bank of Canada.
With regard to the Tobin tax, I must say that the IMF advises that it not be adopted.
I have just a quick quote, which says that the financial transaction tax, and that's a Tobin tax, is not the best instrument for these purposes. It is “not the best way to finance a resolution mechanism”. It “is not focused on the core sources of financial instability”, and its “real burden” will “fall largely on final consumers rather than...earnings of the financial sector”.
The advice that we received very clearly from the fund with respect to a financial transaction tax, a Tobin tax, was, “Don't do it”. There was no serious discussion of implementing that.
As you are more certainly aware, a Tobin tax could be put in place without the agreement of all of the major countries.