Enthusiasm Builds for Financial Tax Idea - by Paul Taylor
No longer just a hopeless cause for anti-capitalist activists, the idea of a global tax on financial transactions is gaining ground in Europe. European Union leaders could not agree to put it on the agenda this week of the Group of 20 summit meeting in Pittsburgh on changing the financial system, but the leaders of France, Germany and the European Commission endorsed the concept. More strikingly, the head of the British Financial Services Authority, which regulates the world’s second biggest banking center after New York, said last month that such a levy could help shrink a swollen financial sector.
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