• Germany's news in English

Minister: No transaction tax before election

The Local · 11 Jun 2012, 14:20

Published: 11 Jun 2012 07:16 GMT+02:00
Updated: 11 Jun 2012 14:20 GMT+02:00

Facebook Twitter Google+ reddit

Merkel is "personally convinced of the need" for a tax on financial market transactions, Steffen Seibert told a regular news conference.

The European Commission and several EU states are determined to introduce a tax on financial transactions but the plans have met with strong opposition, notably from Britain with its powerful financial sector.

Chancellor Angela Merkel's centre-right Christian Democratic Union (CDU) and its coalition partners, the Christian Social Union (CSU) and the Free Democrats (FDP), have been negotiating for weeks with the SPD and the ecologist Greens to get the fiscal pact ratified.

"She will bring up the topic, for example, at the four-way meeting with France, Spain and Italy in Rome on June 22," added the spokesman.

However, Seibert was at pains to stress that Germany "is not the only one in Europe that can decide when such a tax would come" but insisted: "We will be campaigning for it hard."

But German Finance Minister Wolfgang Schäuble said Sunday it was unlikely the tax could be put in place before Germany's legislative elections, due in the autumn of 2013.

"A European tax won't come that quickly," Schäuble told German television network ARD in an interview when asked if the controversial tax proposal could be put in motion before the German parliamentary vote.

His remark came after the leader of the main opposition Social Democratic Party (SPD), Sigmar Gabriel, said Thursday that the government and opposition had reached agreement on such a tax.

The issue has been a major obstacle to the German parliament ratifying the budget-balancing European Union fiscal pact.

Story continues below…

The German-inspired pact aims to toughen budgetary discipline in the EU. The treaty needs a two-thirds majority to be ratified by parliament, which Merkel's ruling coalition does not have on its own.

In exchange for their support, the SPD and Greens have demanded growth-boosting measures and a financial transaction tax that would at a minimum cover the eurozone.


The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

02:56 June 12, 2012 by Eric1
The answer to all the worlds problems is just tax everyone at 100% then all the worlds problems will be solved. This is what the "get the rich" theme is all about. Socialist politicians will define the "rich" as anyone who works.
Today's headlines
Creepy clown scare spreads to Germany
Two of the clowns were apparently equipped with chainsaws. Photo: Pedro Pardo / AFP file picture

Police said Friday five incidents involving so-called scary clowns had occurred in two north German town, including one assailant who hit a man with a baseball bat, amid fears that Halloween could spark a rash of similar attacks.

Student fined for spying on women via their webcams
Photo: DPA

Student from Munich fined €1,000 for spying on 32 different computers, using their webcams to take photographs, or record their keyboard history.

This is how much startup geeks earn in Germany
Photo: DPA

A comprehensive new survey of 143 startup founders shows how much you are likely to be earning at a German startup, from entry level all the way up to sitting on the board.

Man dies after beating for peeing near Freiburg church
The Johannes Church in Freiburg. Photo Jörgens Mi/Wikipedia

A middle-aged man from southern Germany has died after being attacked by a group of men who took umbrage with the fact he was urinating in the vicinity of a church.

The Local List
Seven German celebrities with uncanny doppelgängers
Former Berlin mayor Klaus Wowereit and actor Alec Baldwin. Photo: DPA; Gage Skidmore, Wikimedia Commons

Check out these seven look-a-likes of well known German figures - we admit that some are more tenuous than others...

Israel seeks to buy three new German submarines: report
A Dolphin class submarine. Photo: DPA

Israel is seeking to buy three more advanced submarines from Germany at a combined price of €1.2 billion, an Israeli newspaper reported Friday.

Here’s where people live the longest in Germany
Photo: DPA

Germans down south seem to know the secret to a long life.

More Germans identify as LGBT than in rest of Europe
Photo: DPA

The percentage of the German population which identifies as lesbian, gay, bisexual or transgender is higher than anywhere else in Europe, according to a new study.

'Reichsbürger' pair attack police in Saxony-Anhalt
File photo: DPA.

A "Reichsbürger" and his wife attacked police officers on Thursday, just a day after another Reichsbürger fatally shot an officer in Bavaria.

Five things not to miss at the Frankfurt Book Fair
Photo: DPA

From consulting a book doctor to immersing yourself in an author's world with the help of virtual reality, here are five things not to miss at this week's Frankfurt Book Fair, the world's largest publishing event.

Sponsored Article
How to vote absentee from abroad in the US elections
10 things you never knew about socialist East Germany
Sponsored Article
Last chance to vote absentee in the US elections
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
Sponsored Article
How to vote absentee from abroad in the US elections
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd