Europe finds itself in a bind over transaction tax

The idea of a financial transactions tax is gaining momentum, but the proposals, as they stand, provide far more questions than answers, writes Turlough Galvin.

22nd January, 2012
Europe finds itself in a bind over transaction tax
Nicolas Sarkozy has been a consistent supporter of bringing in a financial transactions tax. Photo: Getty

Tax proposals at an EU level always generate a lot of sound and fury. And so it is with the financial transactions tax (FTT), which is daily news in European capitals, where governments face electorates angry at austerity, ratings downgrades and nursing an almighty hangover from the credit binge.

French president Nicolas Sarkozy continues to champion the FTT and the new Spanish government, led by Mariano Rajoy, is reasonably enthusiastic about it.

While Paris drives...

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