I 17 Eurozone countries they might approve of the notorious Tobin Tax even if other Union members disagree.
This is the scenario outlined by Wolfgang Schaeuble, German Finance Minister, in an interview published today by the Financial Times.
The notorious tax on financial transactions could thus become a reality even without the support of key partners such as Great Britain or Sweden. On the other hand, in Schaeuble's design, the application of the new levy in the euro area could be an effective test to convince even the most reluctant European governments to follow this path, London in primis.
The German minister hopes that a first agreement on the Tobin Tax can be reached during the next G20, which will take place on Thursday and Friday in Cannes. In Europe, the need to impose this tax is strongly supported by Paris and Berlin.
As for Italy, “it has to solve its own problems – added Schaeuble -. It still has work to do”, because “the stability of the euro requires that the large member countries assume their responsibilities”.
