If the market is not able to function properly, the relevant transactions will be shifted to the Eurosystem and central banks will remain heavily involved in the redistribution of liquidity among banks long after the crisis is over.
From a monetary policy standpoint, therefore, a very critical view has to be taken of the financial transaction tax in its current form, and this shows how important it is to scrutinise regulatory measures before they are introduced. But, again, that takes time.