The European Banking Federation (EBF) is concerned about the decision adopted by EU Finance Ministers at their meeting in Brussels on 22 January, authorising 11 Member States to proceed with a Financial Transaction Tax (FTT) through enhanced cooperation.
“The EBF continues to believe that the Commission’s proposal, on the basis of only 11 participating Member States, goes against the principles of the Single Market”, declared Guido Ravoet, Chief Executive of the EBF.
“It would further be detrimental to the EU economy as it would put Europe’s banks at a competitive disadvantage as compared to those banks which do not adhere to the FTT. We therefore question the desirability and sense of a tax which threatens economic growth and jobs”, added Ravoet.
European banks are concerned that neither the Commission nor the participating Member States have acknowledged the critical appraisals of the FTT, as outlined, for instance, in a recent report issued by the International Monetary Fund on taxation of the financial sector.
Full statement
© EBF
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