France calls for changes to European transaction tax

07/12/2013 | Reuters

French Finance Minister Pierre Moscovici says changes are needed to a European proposal to tax financial transactions. "The European Commission's proposal seems to me to be excessive and risks being counterproductive," he said. France, Germany and nine other nations have agreed to move forward with the tax, but concerns remain. "I want to work on improving the commission's proposal so that we have a tax that does not undermine the financing of the economy," Moscovici said, noting that the levy should be designed so it can apply throughout the EU.

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