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Berlin urges swift action on EU transaction tax

The Local · 20 Jan 2012, 16:42

Published: 20 Jan 2012 16:42 GMT+01:00

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A spokesman for Finance Minister Wolfgang Schäuble said his government wanted to know quickly whether a European Commission proposal on such a tax could be implemented at EU-level.

"We want to know quickly, as soon as possible, at the latest by the end of the first quarter, whether this is a proposal that works, that can fly, that is worth working on," Martin Kotthaus told a regular government news briefing.

"If not, we need to look to see whether there are other alternatives," he added.

Chancellor Angela Merkel's spokesman hailed a proposal by Economy Minister Philipp Röslerfor a tax on stock market activity as a "clever and sensible" compromise to "bring Britain on board."

However, he stressed the government was still pushing for a financial transactions tax on the basis of the Commission proposal "because it corresponds to our demands for a broad tax with a low rate."

Rösler had earlier proposed in an interview with the Rheinische Post daily that Britain could be persuaded to give up its veto on the financial transactions tax if the other 26 European states followed its model.

"The British already have a special type of stock market tax, the so-called stamp tax," he said.

"If the British cannot move towards the European model of a financial transaction tax, then it would appear sensible to discuss the British model with Britain and other European countries," Rösler said.

Story continues below…

Chancellor Merkel will host several top EU leaders next week ahead of a January 30 summit to tackle the euro debt crisis and try to boost the bloc's economy.


The Local (news@thelocal.de)

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Your comments about this article

21:09 January 20, 2012 by Steve Potts
If you stifle financial business too much then it will go elsewhere. Will this financial transaction tax be a burden on the EU? The Swedes tried it and realised it was counterproductive. Why not let the French try it out for a while?
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