IMF suggests that G-20 impose 2 taxes on banks' balance sheet

The International Monetary Fund outlined two taxes that it said the Group of 20 should impose on banks' balance sheet. The taxes would be used to pay for future issues within the banking sector. In a widely anticipated technical report, the IMF also warned that global harmonization of regulation is necessary to prevent arbitrage. "Countries' experiences in the recent crisis differ widely ... But none is immune from the risk of a future -- and inevitably global -- financial crisis. Unilateral actions by governments risk being undermined by tax and regulatory arbitrage," according to the report.

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