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France and Germany could agree on a broad Financial Transaction Tax in Friday’s ECOFIN


The Italian Presidency for the Council of member states put the Financial Transaction Tax on the agenda of tomorrows meeting of European Finance ministers. Growing frustration about the length of negotiations among the 11 participating member states let the Italian government to rise pressure. A meeting of French and German ministers for Finance and Economy, Sapin, Macron, Schäuble and Gabriel has not led to a common position.

Eva Joly, Greens/EFA Member of the European Parliament, commments:

“While the French government rightly argues for a European investment program it now sabotages the broad Financial Transaction tax as its important source of financing. A majority among the 11 participating states is ready for a broad tax including derivatives broadly. France has to choose for Friday’s meeting of European Finance ministers to either make this happen or further block this to protect the profit of a few banks.”

Sven Giegold, spokesperson for the European group “Die Grünen” in the European Parliament comments:

“While a minimum version of the tax leads to an income of 3 to 4 billion euro at best, a broad tax would bring at least 10 billion euro for France and Germany each to invest in European programs for jobs as well as the global fight against climate change. To invest against the European crisis, Europe needs an ambitious deal between the French, German and other governments, not just a minimum solution to end the issue in the interest of banks instead of citizens.”

 

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