Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Somalia: car bomb outside presidential palace kills at least 10

Read more

MEDIAWATCH

Socialists complain of Macron's 'betrayal' of Hollande

Read more

THE DEBATE

France Ambassadors Conference: Hollande outlines foreign policy priorities (part 1)

Read more

FOCUS

Video: Meeting US inmates as Obama pushes for criminal justice reform

Read more

REPORTERS

From the archives: Caught in the crossfire in Colombia

Read more

ENCORE!

Video: Harlan Coben on suspense, suburbia and success

Read more

EYE ON AFRICA

Democratic Republic of Congo: Inside Camp Garlic, a stronghold of ADF militia

Read more

IN THE PAPERS

Rousseff defends her track record

Read more

France

French finance group opposes 'Robin Hood' tax

Text by News Wires

Latest update : 2012-01-08

Association Paris Europlace, a group representing key players in French finance, on Sunday voiced opposition to a French-only financial transaction tax proposed by President Sarkozy, saying it would hurt the economy unless applied across the EU.

AFP - A French financial association on Sunday spoke out against a French-only trading tax that may be implemented this year.

The Association Paris Europlace, which represents key players in the French financial world, said such a tax would hurt the French economy unless it was implemented across the European Union.

The move comes after President Nicolas Sarkozy on Friday said France should not wait for other European countries to get on board with what some have dubbed a "Robin Hood tax" or the "Tobin tax" that would help reduce budget deficits.

Many activists in Western countries have long campaigned for a small tax on financial transactions to raise funds they say would compensate for the damage done by reckless speculation.

But Paris Europlace said a France-only tax "would be inappropriate."

"If this tax was applied only in France, it would inevitably lead to an exodus of banks, insurance companies and management," the association said, "and would reduce ... the role of Paris in the European and global economy."

France and its major eurozone partners have supported the idea of the tax but now seem divided on how to approach the issue, with the major players in the German and Italian bloc openly advising caution.

For its part, the European Commission has called for a "concerted approach" to the issue.

Germany, France and Italy are the eurozone's three biggest economies. Britian, which is within the European Union but outside the single currency, is opposed to transaction taxes being implemented across the 27-member EU bloc.

Date created : 2012-01-08

  • FRANCE

    EU leaders to meet in Rome to discuss debt crisis

    Read more

  • ECONOMY

    Mixed results at crucial French bond auction

    Read more

  • FRANCE - ECONOMY

    France ready to go solo on financial transaction tax

    Read more

COMMENT(S)