Sign in to comment!

Menu
Home

World

German finance minister says group of EU countries to reach deal on financial transaction tax

Germany's finance minister says a group of European Union nations will shortly reach a deal on introducing a financial transaction tax.

Wolfgang Schaeuble on Monday said on his way into a meeting of finance ministers from the 11 countries seeking the levy that an agreement on "limited taxation of stock and derivatives" trading should be reached by day's end.

Officials started pushing for the tax following the 2008-9 financial crisis to curb speculation and claw back revenues after government bailouts of banks.

The levy's scope won't be as broad as its supporters initially hoped for because of legal and practical hurdles but the EU nations behind it — including heavyweights Germany, France and Italy — say it's better to start with an imperfect solution than having no tax at all.

See the latest updates on the hottest midterm races from Fox News

Full Elections Coverage →

Keep up with all the 2014 races in

Coverage →