Push for common approach on bank tax in EU

A fresh effort to persuade European Union countries to take a more co-ordinated approach towards taxes or levies on their banking sectors is under way, September 2010 but the initiative is likely to run into widely differing views among finance ministers.

EU Finance Ministeres meeting in Brussels on the 7 September 2010 were due to discuss a proposal from Michel Barnier, EU Internal Market Commissioner, which envisages a pan-European network of bank levies. Under the commissioner’s plan, proceeds raised from these would be used to establish nationally based 'bank resolution' funds, to help bail out ailing banks in the future.

Council of the European Union: Press Release: PRES/10/229: Ecofin Council, Brussels, 7.9.10 http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/116306.pdf

EurActiv, 8.9.10: Ministers reject EU bank rescue planMinisters reject EU bank rescue plan http://www.euractiv.com/en/financial-services/ministers-reject-eu-bank-rescue-plan-news-497553

ESO: Background information: EU to press ahead with bank levy plan http://www.europeansources.info/record/eu-to-press-ahead-with-bank-levy-plan/

European Commission: DG Internal Market and Services: Banking: Crisis management http://ec.europa.eu/internal_market/bank/crisis_management/index_en.htm

EurActiv, 7.9.10: EU worries about 'distortions' with national bank levies http://www.euractiv.com/en/financial-services/eu-worries-about-distortions-national-bank-levies-news-497512

EUObserver, 7.9.10: EU finance ministers to discuss bank-levy co-ordination http://euobserver.com/9/30746

EUObserver, 1.10.10: Trichet puts dampener on financial transaction tax http://euobserver.com/9/30943

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