Berlin offers a compromise to tax finance ? Financial news

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The financial transactions tax (FTT) is easy to pass in the opinion, as it is to read into the world of finance a portion of the cost of his rescue during the crisis. But the definition is more complicated in practice, especially if it is to target bonds and more speculative instruments like derivatives. A tax that would apply only in the European Union (EU) could also push banks into exile.

In fact, since the European Commission said its plan in September, the TFF has mainly contributed to divide the European crew. Nine countries, primarily the euro, including Germany, France and Italy, based Brussels. Others vehemently opposed: Sweden, Denmark, the Netherlands and of course the UK making it a matter of "national sovereignty".?With the City, it weighs more than 75% of transactions in Europe.

To escape the "confrontational atmosphere" described by one minister, Germany proposed this weekend to use what would be called elsewhere the salami tactics: a step by step, "because the solution is out of reach "as noted by the finance minister, Wolfgang Sch?uble. In the written proposal pushed by Berlin, the commission is politely asked to "revise and clarify the text."

Pending and to meet public demand, Sch?uble is proposing to quickly introduce a tax on a limited scale at European level payday loan lenders. Two tracks are offered: the British stamp duty (stamp duty) and the tax that France should impose this summer to shares of companies with a market capitalization greater than one billion euros.?Because it relieves the ship immediately reducing the wing, the German compromise was welcomed by finance ministers of the EU in Copenhagen.

The support of Paris

The proposal "is wise, it is widely supported, it is necessary that we move forward," said Baroin, the French Minister of Economy. In the opposition camp, the Swede Anders Borg said he was prepared to compromise Initial taxes already decided in Paris and London are to him "less costly to the economy and less harmful to the financial markets" that the TFF Brussels. German sources, the British George Osborne himself has refused consent less categorical than usual.

Berlin promises to work hard on this "first step" in the coming weeks. Nevertheless "the EU is still far from an agreement," summarized Margrethe Vestager, on behalf of the Danish Presidency.?The unanimity of twenty-seven, required on tax issues, not for tomorrow.

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