This summer, France went ahead and unilaterally launched a financial transaction tax. Sarkozy started it, with plans for a 0.1% levy on the country's biggest stocks. Hollande doubled it to 0.2%. The reaction from business was predictable.
'Bets grow on impending French stock market slide' said one headline. The Spectator explained how "global investors will just skedaddle to other markets where the fiscal regime is less onerous".