Finance ministers at the European Commission discuss bank tax

Calcutta News.Net
Sunday 13th June, 2010

EU leaders have decided to go ahead with proposals for a European tax on banks.

AFP has reported that EU countries will press ahead with the idea, even though there is no global consensus on the tax.

According to a draft of summit agreements from EU leaders, they have agreed that a tax on financial institutions should be introduced to guarantee that banks contribute to pay for the costs of economic crises.

EU leaders will now call on their finance ministers and the European Commission to prepare a report for distribution in October, to show what form the tax should take.

One of the conditions set down by EU leaders for the report will be that European banks should not be put at a disadvantage to competitors elsewhere which are free from such a levy.

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