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The European Banking Federation (EBF) calls on the ECOFIN Council to carefully consider the implications of any decision on the implementation of a Financial Transaction Tax (FTT). Together with another eight major associations1, representing various sectors of the financial services industry, the Federation voices serious concerns over the introduction of the proposed Financial Transaction Tax under the enhanced cooperation procedure in 11 Member States. In a letter to EU Finance Ministers the associations outline the wider effects it would have across the EU and even beyond.
“While we fully recognise the objective of generating new sources of revenue for public finances,” explained Guido Ravoet, Chief Executive of the EBF, “we can only regret the negative...
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