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Thursday, 17 February 2011

France plans to push Tobin tax at G20

French Finance Minister Christine Lagarde has recently confirmed France’s intention to put forward the idea of creating a tax on financial transactions at the forthcoming G20 meeting in France. The introduction of such a tax could serve to finance commitments made by developed nations to emerging countries or to address pressing issues of climate change. Lagarde explained at a press conference in Paris that the French presidency intends to propose, despite very mixed support from other members of the G20, a tax imposed on financial transactions, with, it is hoped, efficient and technical support from the International Monetary Fund. As part of its presidency of the G20, France also intends to back moves towards a monetary system “based on several international currencies,” continued Lagarde, outlining her priorities just a few days before the first meeting of G20 finance ministers in Paris this Friday and Saturday. Efforts to reduce volatility on commodity markets, another priority announced by the French President, will not include administered prices but rather greater transparency and more information on players and their positions in order to “shed some light” on this market, she said.

Source: Le Monde