Global Financial Strategy

Search the site   >>Advanced search
First for financial regulatory news and views
HOME   |   REGISTER   |   SUBSCRIBE   |   NEWS   |   ANALYSIS   |   INTERVIEWS & FEATURES   |   EVENTS   |   MUTTERS   |   JOBS   |   MY ACCOUNT
EUROPE   |    US & CANADA   |    ASIA PACIFIC   |    MIDDLE EAST & AFRICA   |    LATIN AMERICA & CARIBBEAN   |    OFFSHORE   |    SINGAPORE   |    HONG KONG
TRADING   |    CASINO MARKET   |    BANKING   |    INSURANCE   |    FINANCIAL REPORTING   |    TAXATION   |    MACROECONOMIC   |    PROFILES   |   CONTACT   |   
  • MF Global spoke of 'strong' finances
  • EC: No corp gov powers for ESAs
  • FSA appoints senior investment bank adviser
  • GFS has now closed
  • Czechs join UK on fiscal compact sidelines
  • Davos stalemate on EU's IMF funds
  • Tucker: Resolution regime 'top priority'
  • Saudi Arabia increases central bank role
  • FSB urges Canada for one securities regulator
  • CFTC set for committee to scrutinise HFT
  • Fitch downgrades Belgian banks
  • What corruption really costs
  • UK FSA pushes for Mifid II rethink on OTCs
  • Shanghai boosts global financial status
  • Canada aligns credit rating rules with EU
  • Bowles blasts lack of women at ECB
  • Sarkozy to introduce French FTT in August
  • Barnier warns on further bonus reforms
GFS LinkedIn
GFS Facebook
GFS Twitter
GFS RSS feed
You must be logged in to use this function.


Sarkozy to introduce French FTT in August

Monday 30 January 2012 – by Andrew Hickley


Nicolas Sarkozy - photo by European Commission
French President Nicolas Sarkozy has announced he will introduce a 0.1 per cent Tobin tax in the country regardless of whether other European countries implement the levy.

Speaking on French television, Sarkozy announced the introduction of the financial transaction tax from August.

“What we want to do is create a shockwave and set an example that there is absolutely no reason why those who helped bring about the crisis shouldn’t pay to restore the finances,” he said in a primetime interview on Sunday.

“We hope the tax will generate €1bn ($1.3bn) of new income and thus cut our budget deficit.”

The levy will hit credit default swaps and speculative high frequency trades, he said. Reuters reported that it will not impact on bond trading, quoting a French official.

The tax, which he did not go into detail to explain, appears to differ from the European Commission’s proposals.

Related articles:
German minister moots EU stamp tax
Merkozy open to eurozone FTT
FTT to be in place by ‘end of year’
UK’s Cable changes tack on EU FTT bid
Obama spoils Sarkozy’s FTT party

Last year the EC put forward measures to introduce a 0.1 per cent tax on equity and bond trades, along with a 0.01 per cent tax on derivatives trading.

Sarkozy has consistently pioneered for a financial transaction tax to be implemented across Europe, though the measure has faced a backlash from countries including Britain and Sweden.

The French President was also unable to convince global leaders to introduce the measure when France held the G20 presidency last year.

Sarkozy’s announcement comes after German Chancellor Angela Merkel revealed she would “actively support” the President in his bid to win re-election with a series of joint campaigning appearances in the spring.



WHAT DO YOU THINK?
 
Name:
   
Email:
   
Comment:
   
Post as Anonymous
  Display name
   
Please, enter security code
   
 

No comments yet.
Login Register Most read Most commented
Username

Password

>> Forgotten your password?
>> Sign Up  

GFS is pleased to offer you a two-week free trial. You will receive a daily email bulletin of the latest regulatory news and analysis and a weekly email round-up. Please complete the free trial form. You will also receive full access to our online site.

EDITOR’S CHOICE

  • Diamond warns against ‘Balkanisation’
  • ABI: UK insurers must keep EU links
  • EU Parliament site hit by hacktivists
  • George Soros: New year, same crisis
  • FSB: Swiss regulator needs more teeth
  • OCC: Deriv fears are an overreaction
  • ‘Major wave’ of Solvency II drafts in May
  • IMF paper urges Aus bank capital boost
  • BoE: Limit bonuses to boost bank capital
  • 2012 vision: Increased regulatory exposure looms
  • Barnier offers hope to NYSE/Boerse
  • Esma rushes short selling consultation
  • Bowles re-elected as Econ chair
  • Hoogervorst hints at accounting slowdown
  • Asia in the year of the dragon
  • Barnier: FTT will not be forced on UK
INTERVIEWS & FEATURES

STRAW POLL

Will markets in 2012 have a tougher time than 2011?

Yes

No

Don’t know

View results

FIND A REGION world regions
 
Global Financial Strategy - [email protected] | Home | Legal | Contact design by SDV