The letter states that the implementation of a financial transaction tax at the European level would be a crucial step on the path to reaching a global consensus in a way that does not affect European competitiveness.
The letter proposes how the FTT could be designed:
The tax should be payable on all financial transactions (securities and derivatives) and foreign-exchange transactions. Such transactions involve the purchase or sale of a financial instrument, any agreement that establishes a right or an obligation to purchase or sell a financial instrument, and any exchange of payment based on a financial instrument, good, rate, index, spread or an event.
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FTT - German-French letter.pdf
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