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Germany, France Launch Drive for EU Finance Tax

Germany, France Launch Drive for EU Finance Tax

Germany’s Finance Ministry says Berlin and Paris have jointly appealed to the European Union’s executive to prepare the introduction of a tax on financial transactions.

The proposal has failed to secure a majority within the 27-nation EU. Germany and France are pressing for its introduction by the legal detour of so-called enhanced cooperation, which would allow a group of at least nine countries to go ahead with it.

The ministry said Friday that Germany’s Wolfgang Schaeuble and French counterpart Pierre Moscovici also wrote a letter to their European counterparts urging them to join their appeal to the European Commission.

At a June meeting of finance ministers 10 nations, among them Italy and Spain, backed the proposal. Britain, which has the continent’s biggest financial industry, opposes the plan.


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