Sarkozy says France must lead on transactions tax

President Nicolas Sarkozy insisted on the 10 January 2012 that France must press ahead with a tax on financial transactions to force the issue in Europe, despite concerns that a unilateral move would isolate the country and damage the French financial services industry.

Mr Sarkozy, facing re-election in April 2012, was anxious to show voters he was at least taking steps to deliver on a longstanding pledge to exact retribution from the financial sector for sparking the financial crisis in 2008.

He had been frustrated by opposition to a global FTT by the US and China, and in the European Union by the United Kingdom. He also faced furious pushback from the French financial industry to any move by France to go it alone.

ESO: Background information: France to push for financial tax at Berlin meeting http://www.europeansources.info/record/france-to-push-for-financial-tax-at-berlin-meeting/

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