Green light for 11 EU countries' Tobin Tax

22 January, 15:21

(ANSAmed) - BRUSSELS, JANUARY 22 - European Union finance ministers on Tuesday gave 11 including Italy, Germany and France countries the green light to move ahead with a tax on financial transactions known as the Tobin Tax despite concerns from financial centres like London who say it could drive business out of Europe.

The ministers approved so-called 'enhanced cooperation' for the 11 countries: Germany, France, Italy, Spain, Austria, Portugal, Belgium, Estonia, Greece, Slovakia and Slovenia.

The levy, floated by US economist James Tobin more than 40 years ago, has been strongly advocated by groups who say banks who caused the financial crisis have not been disciplined.

Britain abstained in Tuesday's vote along with Luxembourg, the Czech Republic and Malta.

The European Commission will now frame a proposal for the tax, which could be brought in within months.

Critics say such a Tobin Tax cannot work properly if it not implemented globally or at least across Europe.

But some countries are already counting on extra income from next year.(ANSAmed).


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