Europe, US move toward tax on large banks to cover rescues

03/29/2010 | Wall Street Journal, The

Governments in Europe and the US appear to be coming to the conclusion that a tax on major financial institutions to fund future rescues is a prudent move. However, the tax proposals and how the money would be spent vary. Sweden and Germany are looking to fund a "resolution authority", with the funds generated from a bank tax. France and other countries would assess the bank levy after a crisis. Officials in the US are split between pre-funding a crisis fund and the post-crisis alternative.

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