Transaction tax prompts concerns from French official

Christian Noyer, governor of the Bank of France, says a tax on financial transactions planned by 11 eurozone nations poses "an enormous risk" to those countries. "The [European] Commission's draft is a nonstarter and needs to be entirely revised," Noyer said. France's government has been pushing to rein in the proposal. "I do not believe it was ever the intention of the French government to do something that would trigger the destruction of entire sections of the French financial industry, trigger a massive offshoring of jobs and so damage the economy as a whole," Noyer said.

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