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EU calls for tax on bank trades EU calls for tax on bank trades
(20 minutes later)
European Union leaders have urged the International Monetary Fund (IMF) to consider implementing a global tax on financial transactions.European Union leaders have urged the International Monetary Fund (IMF) to consider implementing a global tax on financial transactions.
A so-called "Tobin Tax" has been pushed by France and the UK, but is less popular in the US.A so-called "Tobin Tax" has been pushed by France and the UK, but is less popular in the US.
The leaders called on the IMF to look at a range of options to ensure that banks do not take excessive risks that could lead to another financial crisis.The leaders called on the IMF to look at a range of options to ensure that banks do not take excessive risks that could lead to another financial crisis.
The call comes in a draft statement expected to be approved later.
"The European Council emphasises the importance of renewing the economic and social contract between financial institutions and the society they serve, and of ensuring that the public benefits in good times and is protected from risk," the draft statement said.
Earlier this week, the UK announced a 50% tax on bank bonuses above £25,000.Earlier this week, the UK announced a 50% tax on bank bonuses above £25,000.
France has said it is considering a similar tax on bonuses above 27,000 euros ($40,000; £24,000). Reports suggest the tax could be announced later.
"We have been advocating this for a long time, and we are delighted to see that [the UK Prime Minister] is taking that stand," said French Finance Minister Christine Lagarde.