• France's news in English

France and Germany: support banking levy

AFP · 28 Sep 2012, 15:33

Published: 28 Sep 2012 15:33 GMT+02:00

Facebook Twitter Google+ reddit

German Finance Minister Wolfgang Schaeuble and French counterpart Pierre Moscovici wrote to European Taxation Commissioner Algirdas Semeta and their 25 EU colleagues seeking permission for an "enhanced cooperation" accord which could be implemented if one third of all EU states back it.

The two ministers say in their letters, undated according to copies seen by AFP on Friday, that their governments "request" that the Commission formally ask the 27 EU member states for "a decision authorising enhanced cooperation with regard to the creation of a common system of financial transaction tax."

A bid to introduce the tax -- aimed at curbing the market excesses that led to the 2008 global financial crisis -- in all 27 EU states failed in June, in part due to British concerns over the City of London's future.

Under its provisions, the Commission would have levied a 0.1% tax on share and bond trades, and 0.01% on other transactions, generating billions of euros in revenue.

France and Germany hope the FTT can be operational by the end of this year based on the support of nine states but they will need at least tacit permission from London and other opponents who would not be joining in.

If they don't get it through before the end of June next year, they will need to find a 10th state to back them, because Croatia will become the EU's 28th member on July 1st.

The European Parliament, an easier prospect, will also have to give its
seal of approval.The European Commission said it welcomed the French and German initiative "as a means of keeping up the momentum behind an EU FTT.

Story continues below…

"We believe that that the FTT has huge benefits to offer, even if applied by a limited group of member states," said Emer Traynor, spokeswoman for Semeta.

"We therefore urge the other interested ... states to send their letters of request to reach this quota. Citizens are waiting for this tax, so the sooner it can progress, the better," Traynor added.

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
France’s 'Jungle' children arrive in UK
Authorities will start to clear the ‘Jungle’ migrant camp on Monday. Photo: Denis Charlet / AFP file picture

The first group of children from the French "Jungle" migrant camp with no connection to Britain have arrived in the country, the Home Office said Sunday, ahead of the camp's planned demolition.

French FM calls for end to Aleppo 'massacre'
French Foreign Minister Jean-Marc Ayrault says the international community cannot ‘come to a negotiation under the bombs’. Photo: Dominick Reuter / AFP file picture

France's foreign minister urged the international community to "do everything" to end the "massacre" in the Syrian city of Aleppo on Sunday after fighting resumed following a 72-hour truce declared by Damascus ally Russia.

French cheer police, reviving Charlie spirit
French police officers on Saturday demonstrated for the fifth night in a row to protest mounting attacks on officers. Photo: Thomas Samson / AFP

Angry French police have taken to the streets for five nights in a row -- and Parisians have started to cheer them on, reviving scenes last seen following the Charlie Hebdo attacks in 2015.

Scarlett Johansson turns popcorn girl in Paris
US actress Scarlett Johansson greets customers at the Yummy Pop gourmet popcorn shop in the Marais district of Paris. Photo: Benjamin Cremel / AFP

Hollywood superstar Scarlett Johansson swapped the red carpet for a turn behind the counter at her new popcorn shop in Paris on Saturday.

US couple donates huge art collection to Paris
Marlene (centre) and Spencer (right) are donating their collection ‘for the benefit of art lovers’. Photo: Thomas Samson / AFP

A Texan couple who discovered their love for art during a trip to Paris in the 1970s are to donate the multi-million dollar collection they have amassed since to the French capital.

France to clear 'Jungle' migrant camp Monday
Migrants will be bussed from the camp to some 300 temporary accommodation centres around France. Photo: Denis Charlet/ AFP

The "Jungle" migrant camp on France's northern coast will be cleared of its residents on Monday before being demolished, authorities said Friday.

How life for expats in France has changed over the years
A market in Eymet, southwestern France. Photo: AFP

Foreigners in France explain how life has changed over the years.

London calling for Calais youths, but only a chosen few
Photo: AFP

Dozens of Calais minors are still hanging their hopes on help from the UK, but not all will be so lucky.

17 different ways to talk about sex in French
Photo: Helga Weber/Flickr

Fancy a quick run with the one-legged man?

Yikes! This is what a rat-infested French jail looks like
Photo: YouTube/France Bleu TV.

This video is not for sufferers of ratophobia (or musophobia as the condition is officially called).

Sponsored Article
How to vote absentee from abroad in the US elections
Why Toulouse is THE place to be in France right now
Sponsored Article
Last chance to vote absentee in the US elections
Video: New homage to Paris shows the 'real side' of city
The 'most dangerous' animals you can find in France
Sponsored Article
How to vote absentee from abroad in the US elections
Swap London fogs for Paris frogs: France woos the Brits
Anger after presenter kisses woman's breasts on live TV
Is France finally set for a cold winter this year?
IN PICS: The story of the 'ghost Metro stations' of Paris
How to make France's 'most-loved' dish: Magret de Canard
Welcome to the flipside: 'I'm not living the dream in France'
Do the French really still eat frogs' legs?
French 'delicacies' foreigners really find hard to stomach
French are the 'world's most pessimistic' about the future
Why the French should not be gloomy about the future
This is the most useful French lesson you will ever have. How to get angry
Why is there a giant clitoris in a field in southern France?
French pastry wars: Pain au chocolat versus chocolatine
Countdown: The ten dishes the French love the most
Expats or immigrants in France: Is there a difference?
How the French reinvented dozens of English words
The ups and downs of being both French and English
How Brexit vote has changed life for expats in France
Twelve French insults we'd love to have in English
What's on in France: Ten of the best events in October
jobs available