Schäuble said Britain and several other European Union countries would not support the measure, popularly known as the "Robin Hood Tax", adding he would only introduce such a tax on a pan-EU basis.
Schäuble nevertheless was hopeful some countries in the European Union would begin implementing an enhanced stamp duty, including derivatives, this year but admitted this would not be possible in the broader bloc. "But we just won't get it done even in the eurozone", he said, adding that there are some eurozone countries rejecting it. "So as a result we'll try something else."
Last week the Netherlands rejected the proposed financial transaction tax, dealing a heavy blow to the Franco-German bid for the levy. Earlier this month, Germany's push to win backers for the financial transaction tax met resistance among EU ministers who were divided on the question of how to collect more money from banks blamed for the financial crisis. Having failed to win support for the measure from the United States and other members of the G20 leading economies, France and Germany then made a drive to end more than two years of debate on the issue in Europe.
Britain has said it will stop any such pan-European tax, fearing it would damage London's financial hub. Other countries, which have been supportive of the idea, also expressed reservations about implementing a tax.
Full article
© Reuters
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article