G20 target for transaction tax and G-Sifis
Thursday 1 September 2011 - by Will Henley & Andrew Hickley
The European Commission, with key allies France and Germany, will push to get a global agreement on a transaction tax at the G20 summit in Cannes, according to José Manuel Barroso.
In his address, Barroso said that the revenue generated by a tax on financial instruments would help boost the EU's central coffers. Pointedly he did not mention any other target for the revenue, such as using it to insure the EU's banks or pay for future bailouts.
Neither did he say it should be used to help pay for climate change or international development, as some campaigns groups have argued.
He said: "Ahead of the Cannes summit, we will come forward with a proposal for a European financial transaction tax, and we are committed to explore this further also at G20 level.
"I will be discussing this and other key issues with our G20 partners, such as Australia, where I will travel next week. This visit will also take me to Singapore and New Zealand, two other important partners in the region."
"The proceeds from this financial transaction tax would help to fund the EU's new multiannual financial framework, which is geared towards investing for growth and jobs across our Union. We will make detailed proposals on this over the course of the autumn."
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