Mercoledì, 17 Ottobre 2018
LUXEMBOURG

Italy agrees to Tobin Tax, 'decision not easy'

English
© ANSA

(ANSA) - Luxembourg, October 9 - Italy on Tuesday became one
of three new countries to agree to introducing a tax on
international financial transactions, the so-called Tobin Tax,
in the European Union.
"The decision was not easy, one that arrived in the final
days," said Ferdinando Nelli Feroci, Italian ambassador to the
EU.
With the addition of yes votes from Spain, Slovakia and
Italy Tuesday, there are now 11 countries in favor of the tax,
named after Nobel laureate in economics James Tobin, EU Taxation
Commissioner Algirdas Semeta announced.
The countries can now press ahead with so-called enhanced
cooperation to introduce the levy, despite opposition from
Britain.
British Chancellor of the Exchequer George Osborne
reiterated that his country would not adhere to the tax, saying
persioners and not banks would end up paying it, but added it
would not "put a spoke in your wheel" to block it for those
countries that want it.
Osborne added that Britain would be less opposed if
additional countries outside the EU committed to the tax.
The Tobin Tax has been discussed for 40 years but it is
getting increased attention in the midst of the European debt
crisis.
Premier Mario Monti had been resisting Germany's calls for
a Tobin Tax so long as Merkel would not consider allowing EU
rescue funds to be used to buy the bonds of countries like Spain
and Italy, which have seen their borrowing costs climb despite
taking measures to put their economic houses in order.
But last week European Central Bank President Mario Draghi
announced the ECB was ready to launch a bond-buying program as
soon as countries were ready to meet the necessary conditions.

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