A step too far? The European financial transactions tax on shadow banking

This paper focuses on the European Commission's proposals to include the repo market – a market systemic to European (shadow) banking – in the financial transactions tax (FTT). It asks why the FTT governments negotiating under the enhanced co-operation procedure quickly removed the repo market from the scope of the FTT. It argues that the European repo market, rather than a shadow market energized by regulatory arbitrage, as it is customary to portray it, grew out of a public–private joint venture before the crisis. Thus, regulators became deeply embedded – through their government bond markets and policy frameworks – in (repo) market-based finance. This convergence in public and private interests creates new trade-offs and ambiguous preferences that allow private finance to successfully mobilize resistance to reform, creating coalitions with public actors such as the European Central Bank

The socio-political significance of changes to the vocational education system in Germany

This paper explores the effects on social inequality in Germany of ongoing changes to the employment system and, thus, vocational education. Results based on an examination of the literature indicate that students from increasingly middleclass backgrounds with higher levels of general, rather than vocational, educational attainment are winning the competition for ever-fewer apprenticeships. Progress for women in education is accompanied by relative declines in men’s performance on high school exit examinations and does not translate into success in the employment system. Employers are abandoning the corporate-state organization of vocational education. The paper concludes that school degrees are increasingly important for later career opportunities. As a result, the educational system is increasingly stratified, contributing to social inequality in Germany