Dear friends, Behind the background of heated debate on the FTT and one day before an informal ECOFIN meeting, German Finance minister Schäuble has again strongly spoken out in favor of the FTT. Here is the translation of a broadcast in the radio station Deutschlandfunk. The original in German can be found under :http://www.dradio.de/nachrichten/201203290800/1 Thursday, March 29th, 2012 - 8:00 „We are fighting with determination for a Financial Transaction Tax“ Germany's minister of finance Schäuble has clarified, that German Government is fighting with full determination for a tax on financial operations in Europe. The CDU-politician said on Deutschlandfunk radio, that the problem would be that unanimity is necessary to agree on taxes in the EU and also in the Euro zone. At EU-level there would be little probability for an agreement but also in the Euro zone nobody can be forced to agree. Schäuble emphasised that it had to be guaranteed that the tax cannot be avoided easily. Maybe it would be good to build on the British approach of a stock exchange levy - as proposed by FDP's chief whip Brüderle - by broadening the tax base. Schäuble explains that such a levy could easily be expanded to cover derivatives as well.
(Translation by Markus Gaudek, WEED.)
This makes quite clear, that - unlike some media and opponents of the FTT suggest - the German government does not given up the project. But of course, strong pressure from below is further needed.
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