French Finance Minister: Financial-Transaction Tax Poses âEnormous Riskâ
Eleven countries in the euro zone are currently marching toward implementing a tax on financial transactions (also known as a Robin Hood tax or a âTobin tax,â after one of the first economists to suggest a similar measure, James Tobin) but the largest financial player within the area, despite its typical lâamour des impôts, is pushing back hard. In an interview with the Financial Times, President François Hollandeâs finance minister, Christian Noyer, said, âI do not believe it was ever the intention of the French government to do something that would trigger the destruction of entire sections of the French financial industry, trigger a massive offshoring of jobs and so damage the economy as a whole.â
