If the whole of Europe won’t get on board with a financial transaction tax, then Germany will go it alone, reports The Local.(UPDATE: “The comment is extremely exaggerated and sounds guided by interest. There is a draft directive of the EU Commission on the table, [and] France, Belgium, Austria, Greece and others want the tax, too. So there is no reason to speak of Germany against the rest of the world,” our friend in Germany, Peter Wahl, who works at Weed-Online, tells Clusterstock’s Courtney Comstock.)
Finance minister, Wolfgang Schauble has said that the country will try and implement its own tax if the rest of Europe will not follow suit.
An EU-wide financial transactions tax has been pushed heavily by German Chancellor Angela Merkel and French President Nicolas Sarkozy.
However, the idea of the tax has not seen such a warm reception around the continent. Swedish officials have pointed out that when their country tried a similar tax in the 1980s, about 90 per cent of businesses left Stockholm.
Additionally, opponents of the tax have noted that it could cause more sovereign debt, force deals to be made off-market (meaning unregulated) and decrease the competitiveness of the Eurozone. The UK in particular has been vocal against the tax.
If an EU-wide tax is put into place, it could raise as much as €57 billion ($78 billion) a year.
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