Raising taxes like FTT going into recession is a very bad idea for Germany. Exporters are upset about hedging costs climbing with FTT, although the euro is dropping. Hopefully, recession will shelve FTT.
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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Luxembourg Finance Minister Luc Frieden said introducing a financial-transaction tax just for the euro areaâs 17 member states would be ârisky,â Luxemburger Wort newspaper reported.
Frieden said the tax should to be applied by all Group of 20 nations, according to the Luxembourg-based newspaper.
http://www.bloomberg.com/news/2012-...saction-tax-for-euro-area-only-wort-says.html
Frieden said the tax should to be applied by all Group of 20 nations, according to the Luxembourg-based newspaper.
http://www.bloomberg.com/news/2012-...saction-tax-for-euro-area-only-wort-says.html
I've had some thoughts about the upcoming EU summit which I'd appreciate comments on.
France and Germany have said they will produce their own FTT proposal on January 23 for discussion at the EU summit on January 29.
Merkel has called for EU finance ministers to present their ideas and views by March at the latest.
In the last few days we have seen new EU presidency Denmark declare itself firmly opposed to any EU-only FTT (http://www.monstersandcritics.com/n...-very-reluctant-on-financial-transaction-tax.).
Denmark will host the January 29 summit.
In the last few days we have seen some evidence of waning support across Europe for an FTT. At the 29 January summit, no doubt the views of each member can be sounded out further by Denmark and it's allies, and it seems likely at this stage that there won't be that much support.
My question is this:
As host of the upcoming summit, does Denmark have the power to table a vote on whether to proceed with FTT discussions? In other words, could Denmark potentially kill off a European FTT as early as this month?
France and Germany have said they will produce their own FTT proposal on January 23 for discussion at the EU summit on January 29.
Merkel has called for EU finance ministers to present their ideas and views by March at the latest.
In the last few days we have seen new EU presidency Denmark declare itself firmly opposed to any EU-only FTT (http://www.monstersandcritics.com/n...-very-reluctant-on-financial-transaction-tax.).
Denmark will host the January 29 summit.
In the last few days we have seen some evidence of waning support across Europe for an FTT. At the 29 January summit, no doubt the views of each member can be sounded out further by Denmark and it's allies, and it seems likely at this stage that there won't be that much support.
My question is this:
As host of the upcoming summit, does Denmark have the power to table a vote on whether to proceed with FTT discussions? In other words, could Denmark potentially kill off a European FTT as early as this month?
As i was afraid of, Philipp Rösler experiences more resistance, even from his own party:
http://www.stern.de/politik/mehr-fdp-stimmen-fuer-finanzsteuer-1772811.html
What a roller coaster week this is.
http://www.stern.de/politik/mehr-fdp-stimmen-fuer-finanzsteuer-1772811.html
Berlin (AP) - In the FDP will be more criticism, according to the defensive attitude of the party leadership to introduce a financial transaction tax. After Schleswig-Holstein parliamentary leader Wolfgang Kubicki also warned the Bavarian Minister of Economic Affairs, Katja Hessel, before a retention of the course.
.
Party chief Philipp Rösler was strictly opposed the proposal by Chancellor Angela Merkel (CDU) to introduce a financial transactions tax, if necessary, alone in the euro area. "This position, we are not able to hold out," Hessel said the Berlin "Tagesspiegel" (Thursday). "The FDP stands out as the bad guy who wants to protect the banks. That hurts us. "
What a roller coaster week this is.
Quote from Rantany:
As i was afraid of, Philipp Rösler experiences more resistance, even from his own party:
http://www.stern.de/politik/mehr-fdp-stimmen-fuer-finanzsteuer-1772811.html
What a roller coaster week this is.
The FDP should push hard for a german bank levy if being against FTT makes them look like they are out to 'protect the banks'.
[Finnish PM] Katainen echoed the view of German and Italian leaders by saying he wants a financial transaction tax to be applied to the entire Europe Union, not just the 17 euro zone countries.
"It should cover the whole of Europe. From the Finnish point of view, if Sweden is outside, it would have a negative impact for the development of Finland's financial markets and economy."
http://www.4-traders.com/news/PM-says-Finland-must-join-ESM-bailout-fund--13967390/
"It should cover the whole of Europe. From the Finnish point of view, if Sweden is outside, it would have a negative impact for the development of Finland's financial markets and economy."
http://www.4-traders.com/news/PM-says-Finland-must-join-ESM-bailout-fund--13967390/
Quote from slumdog:
Maybe we can now remove Finland from the list too.
This whole european FTT political circus would be quite funny, if it wasnt so serious.
Finland is like Luxembourg where the PM and FM are making completely different public statements.
In Luxembourg, the Prime Minister is anxious to have the EZ-only FTT and the Finance Minister speaks against it. Finland is the opposite. The PM is against the EZ-only FTT and FM in favor. You would think that the PM and FM would confer before making public statements -- apparently not.
Quote from tomdavis:
Finland is like Luxembourg where the PM and FM are making completely different public statements.
In Luxembourg, the Prime Minister is anxious to have the EZ-only FTT and the Finance Minister speaks against it. Finland is the opposite. The PM is against the EZ-only FTT and FM in favor. You would think that the PM and FM would confer before making public statements -- apparently not.
Two person version of speaking out of both sides of the mouth. Politicians and bureaucrats..........
Quote from tomdavis:
Finland is like Luxembourg where the PM and FM are making completely different public statements.
In Luxembourg, the Prime Minister is anxious to have the EZ-only FTT and the Finance Minister speaks against it. Finland is the opposite. The PM is against the EZ-only FTT and FM in favor. You would think that the PM and FM would confer before making public statements -- apparently not.
Yeah i noticed that, sometimes the PMs say one thing, the FinMins another, the coalition partners have their own ideas and opposition parties are have their own internal FTT battles too.
In the end we will only know where everyone stands when this thing comes to down to a formal vote at both the EU and EZ levels.