Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

No strategy and a beige suit

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014

Read more

ENCORE!

Alain Choquette: A Hilarious Magician in Paris

Read more

FOCUS

France welcomes Iraqi Christian refugees

Read more

FRANCE IN FOCUS

Emmanuel Macron: A new economy minister with a pro-business agenda

Read more

THE OBSERVERS

More of this year's best Observers stories

Read more

#TECH 24

Changing the world, one video game at a time

Read more

IN THE PAPERS

Socialist Party summer conference kicks off in explosive atmosphere

Read more

  • Besieged UN peacekeepers battle Islamists in Golan Heights

    Read more

  • Ukrainian plane with seven on board crashes in Algeria

    Read more

  • Kerry calls for 'coalition of nations' to battle IS militants

    Read more

  • EU leaders meet in Brussels to seek a response to Russia

    Read more

  • Exclusive: Fabius warns Russia of more sanctions

    Read more

  • Lesotho army seizes police HQ, jams radio stations

    Read more

  • IMF backs Lagarde amid French corruption probe

    Read more

  • Ebola drug ‘ZMapp’ heals all monkeys in study

    Read more

  • British killer escapes from French psychiatric hospital

    Read more

  • Police hunt for British boy with brain tumour taken to France

    Read more

  • Ukraine to relaunch NATO membership bid

    Read more

  • Suriname leader’s son pleads guilty to courting Hezbollah

    Read more

  • Mapping Ukraine: Canada and Russia in ‘tweet for tat’ row

    Read more

  • France shines in IMF list of world’s promising economists

    Read more

  • Chelsea’s Torres set for AC Milan switch

    Read more

  • First case of Ebola confirmed in Senegal

    Read more

  • Obama has 'no strategy yet' against IS militants in Syria

    Read more

  • Netflix to woo French with ‘House of Cards’ set in Marseille

    Read more

  • French businesses ‘hoping for a new Thatcher’

    Read more

  • The deleted tweets of Manuel Valls

    Read more

  • Libyan PM resigns as Islamists set up rival administration

    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)