Economy

Demeter

(85,373 posts)

22. Schelling Says EU Needs December Decision on Transaction Tax

Sat Nov 14, 2015, 09:38 AM

Nov 2015

http://www.bloomberg.com/news/articles/2015-11-10/schelling-says-eu-needs-december-decision-on-transaction-tax

European Union nations need to decide by next month on whether a financial-transactions tax is possible among participating countries, Austrian Finance Minister Hans Joerg Schelling said.

Schelling, who leads the group of 11 nations that have signed up to design a joint FTT, said he’ll aim to submit a report in December to all 28 EU nations. So far, he said, talks among participating nations have yielded “clear progress” but also no deal.

“I suppose it’s necessary that we can have a solution” when EU finance ministers meet again on Dec. 8, he told reporters in Brussels on Tuesday. “If there is no solution then, one should discuss just as openly that no decision could be reached. At this stage we still believe a solution is possible.”

Italy continues to push for the tax to include sovereign debt derivatives, while most other nations have agreed to exclude those derivatives along with government bonds, Schelling said. Meanwhile, Slovenia and Estonia want the tax to have a broader cross-border reach to ensure it would raise sufficient revenue to be worthwhile, he said...MORE

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