European or global financial tax? by Milota Sidorova

27 EU financial ministers met in Brussels on Thursday to discuss the system of united global governance. Shortly the subject of discussion was the passage of global tax system in financial sector that should prevent the future crisis and create debt reserve for worse times. However, even after a day of conclusions the final report was short of details. The case would oblige to any country of EU and create partly unified economic background and this is the case higly unreal, since countries of EU are more than distant and different in their economy policies.As expected British representatives expressed strong disagreement, saying the tax system should be a task of national s! ouveregnity. In British case it is even more understandable, since the new government was more American than European friendly and it is more than significant it doesn't want to protect current and future troubles of euro. Britain also covers 80 percent of European financial services, so the taxation would be kind of asymetric through European space. Also talks on passing global tax system were on program – but here the proposal got even sharper critics. Americans for instance claimed they were not willing to pay for “the mess, they didn't create”. Luxembourg Prime Minister Jean-Claude Juncker said he didn't believed the agreement would come at the level of G20. Also European Commission chief Jose Manuel Barroso admitted the idea went dry due “enormous resistance” as well as “extremely difficulties” while imposing this matter on global level. On the contrary France, Germany and Italy backed the idea within European framework.
related story (sgx17635): http://www.france24.com/en/20100617-spainish-prime-minister-...

by Milota Sidorova for Cantell TV (http://cantell.tv)

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