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EU launches financial transactions tax

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Germany, France and nine other euro zone countries could levy a tax on financial transactions from January next year if governments quickly agree its design
Germany, France and nine other euro zone countries could levy a tax on financial transactions from January next year if governments quickly agree its design Reuters/Remote/Marte Kiesling

Eleven European Union nations won a go-ahead from their partners yesterday to launch a controversial financial transactions tax, or FTT, initially proposed by France. The tax is aimed at curbing the market excesses that led to the 2008 global financial crisis. Britain has always been opposed to the idea but did not block it. The European Commission will now have to draft legislation to put the tax into practice. Economist Stephany Griffith-Jones has researched the effects of the FTT on the global economy.