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Financial transaction tax

Published on February 8, 2012
Communiqué issued by the Ministry for the Economy, Finance and Industry

Paris, February 7, 2012

François Baroin, Minister for the Economy, Finance and Industry, welcomes the fact that the Prime Minister of Italy and the finance ministers of Austria, Belgium, Finland, France, Germany, Greece, Portugal and Spain have written a joint letter to the Danish EU presidency regarding the draft directive on the financial transaction tax.

Emphasizing their strong conviction that a financial transaction tax is necessary at Community level – both to ensure a fair contribution from the financial sector to the cost of the financial crisis and to improve regulation of the financial markets – the Italian Prime Minister and the eight Euro Area ministers offer their full support in principle to the draft directive.

Aware of the European public’s high expectations, they also ask the Danish presidency to speed up the Council’s work in such a way as to secure a first reading of the draft directive in the first half of 2012.

François Baroin stresses that this Franco-German initiative is a very powerful signal showing that the Euro Area’s core is determined to press ahead. The joint letter demonstrates that the proposal for a French tax included in the forthcoming amended Finance Act complements the Community initiative and may lead other nations to join the movement./.

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