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The European Banking Federation (EBF) has warned that a financial transaction tax (FTT) would create uncertainty for investors and increase business costs, regardless of whether it is introduced across the European Union or among a limited number of member states.
The EBF made the comments in the wake of a meeting of the EU's Economic and Financial Affairs Council (ECOFIN) on May 6, 2014, at which ten countries reiterated their commitment to the phased implementation of an FTT by 2016.
The EBF stressed that an EU-wide FTT would be counterproductive for the entire European economy because it would discourage investment in securities and impair access to finance for enterprises. A limited FTT would impede the proper functioning of the internal market, it added.
The EBF has called on governments and lawmakers to recognize the damage such a tax would do.
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