The EU has established a financial accord on an EU financial transactions tax to be implemented from 2016. Eleven EU member states will be imposing a ‘Robin Hood’ tax on financial transactions, after it was proposed in 2011 to counter financial crises.
The tax was proposed three years ago by German Chancellor Angela Merkel and then French President Nicolas Sarkozy to encourage banks to pay for the crippling financial crisis which had struck the eurozone, plunging a range of countries, including Greece, Ireland, Spain and Portugal, deep into debt.
“I believe we will reach a political agreement on a financial transactions tax, all ministers are ready,” Luis de Guindos, Spain’s economy minister, told reporters ahead of the accord being reached. “I hope we will reach agreement on the assets to be included, mainly shares and some derivatives.”