A group of nine euro countries, led by France and Germany, has asked the Danish EU presidency to fast-track plans for a financial transactions tax—a move indicating that they will forge ahead on their own in the absence of an EU-wide consensus.
“We strongly believe in the need for a financial transactions tax implemented at European level as a crucial instrument to secure a fair contribution from the financial sector to the costs of the financial crisis and to better regulate European financial markets,” the letter says. The nine signatories are the finance ministers of France, Germany, Austria, Belgium, Finland, Greece, Spain and Portugal and the prime minister of Italy, Mario Monti.
Meanwhile in Ireland the Finance Bill contained twenty-nine measures to assist the International Financial Services Centre—an offshore money-laundering operation—while piling taxes, levies and cuts on the overburdened people of this country.
The group of nine asks the Danish presidency “to accelerate the analysis and negotiation process” of a proposal by the EU Commission to introduce a 0.1 per cent tax on shares and 0.01 per cent on trading in derivatives—the larger and riskier financial market, widely held responsible for the 2008 financial crisis.
The Fine Gael-Labour coalition fiercely opposes the tax, continuing that fine Fianna Fáil tradition of looking after the wealthier in our society.