France will levy a 50% tax on bankers' bonuses of more than €27,500 if the measure is approved by parliament, said Finance Minister Christine Lagarde. Proceeds from the tax would go to the government's bank-deposit guarantee. Lagarde called the tax an "exceptional tax in an exceptional circumstance." She also outlined new regulations for the financial industry and said she will lead a council to supervise systemic risk and regulation. "This committee would help better spot risks to the sector and better coordinate French action in the international and European arena to reform financial regulations," Lagarde said.
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