Monday, December 14, 2009
Europe in Support of "Social" Tax for Banks
The European Union has backed Anglo-French moves to introduce a 'social' tax for banks, insurers and markets. EU leaders have asked that the International Monetary Fund examine the "Tobin" tax, which would ultimately affect banks on a global scale. The only EU nation not giving the tax full support is Germany, because of issues with the country's constitution which prevents one-off taxes on bankers' bonuses. However, Germany's Chancellor, Angela Merkel, finds the idea very "seductive".