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Eleven euro states back financial transaction tax
By John O'Donnell and Harry Papachristou
October 9, 2012
Reuters
http://www.reuters.com/assets/print?aid=USBRE8980UC20121009
LUXEMBOURG/ATHENS (Reuters) - Eleven euro zone countries
agreed on Tuesday to press ahead with a disputed tax on
financial transactions aimed at making traders share the cost
of fixing a crisis that has rocked the single currency area.
The initiative, pushed hard by Germany and France but
strongly opposed by Britain, Sweden and other proponents of
free markets, gained critical mass at a European Union
finance ministers' meeting in Luxembourg, when more than the
required nine states agreed to use a treaty provision to
launch the tax.
Commonly known as a "Tobin tax" after Nobel-prize winning
U.S. economist James Tobin proposed one in 1972 as a way of
reducing financial market volatility, it has become a
political symbol of a widespread desire to make banks, hedge
funds and high-frequency traders pay towards a wrenching debt
clean-up.
"This is a small step for 11 countries but a giant leap for
Europe," Austrian Deputy Finance Minister Andreas Schieder
said. "The way is now clear for a just contribution from the
banking and financial sector for financing the burdens of the
crisis."
The deal raised the prospect of a pioneer group of European
states for the first time launching a joint tax without the
unanimous backing of the 27-nation bloc, a move that may
fragment the Union's single market for financial services.
To read more, go to
http://www.reuters.com/assets/print?aid=USBRE8980UC20121009
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