EU wants bankers to stump up levy
Brussels becomes the latest to call for banks to pay an upfront levy to mitigate financial disasters in the future
EU mandarins are gearing up to make a call for banks to be taxed on their
profits so the falllout from financial disasters can be managed more
effectively.
The European Union has become the latest to call for a levy on banks after
President Barack Obama,
former
PM Gordon Brown and the IMF all made similar recommendations.
The proposals are set to be unveiled tomorrow by internal market chief Michel
Barnier, according to the
FT.
It will not be a bailout fund, officials emphasised. The fund would be used
to mitigate the effects of collapses in the future.
Further reading:
IMF’s
banking tax could backfire