Trichet says no to a European-only Tobin tax: 'Truly terrible results'

30 June 2011, 10:11 | di FIRSTonline editorial team | 0

The president of the ECB warns about the danger of introducing a tax on financial transactions that does not go beyond the borders of the Old Continent

Trichet says no to a European-only Tobin tax: 'Truly terrible results'

The introduction of a Tobin tax only in Europe could lead to "really formidable results". This was stated by the president of the ECB, Jean Claude Trichet, speaking in the European Parliament on the proposal made yesterday by the European Commission to introduce a special tax on financial transactions. Commission president José Manuel Barroso's project would be to increase the union's budget by around 100 billion euros a year by increasing the tax burden on financial transactions and lowering the amount of transfers from individual member states to Brussels.

FIRSTonline editorial team

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