Tuesday, 22 June 2010

Bank Levies Coming to Europe

Hmmmm. Canada is dead-set against this. We will see what happens.

Germany, France and the U.K. said Tuesday that they will introduce bank levies to offset the cost of future financial crises and will urge their counterparts from the Group of 20 industrial and developing nations to do the same at a summit this week in Toronto.

"The French, U.K. and German governments are committed to the full implementation of the ambitious G20 financial sector reform agenda and look forward to discussing these proposals further," the three countries said in a joint statement.

Germany already said it would pursue such a levy in March, and the statement released Tuesday said Chancellor Angela Merkel's cabinet will finish a draft bill this summer. France will introduce a proposed levy when it outlines its government budget, the statement said, and the U.K.'s levy was announced on the government's emergency budget Tuesday.