On the offensive once again, French Foreign Affairs Minister Bernard Kouchner has reiterated his calls for the introduction of an international tax on financial transactions, confident that the adoption of a “solidarity contribution” would help to fund development projects.
According to the French Minister, applied on a global scale, the introduction of a 0.005% tax levied on all types of financial transactions could generate between EUR20bn and EUR30bn.
Indeed, support for an international financial transactions tax is growing rapidly. The UK has confirmed its agreement in principle to the proposed new levy, and offered to work alongside France to progress the idea from next month. The French Foreign Minister has also recently received backing from the President of the European Commission, José Manuel Barroso.
Although French Finance Minister Christine Lagarde and French President Nicolas Sarkozy have confirmed their support for the tax in principle, they nevertheless remain cautious about a precise timeframe for launching discussions. Kouchner has already acknowledged the fact that it is too early at this stage to initiate discussions at the forthcoming United Nations general assembly meeting.
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