France and Germany to implement Financial Transaction Tax ‘by 2013’

French Finance Minister François Baroin yesterday annouced French and German plans to present a ‘complimentary’ joint proposal for an EU-wide Financial Transaction Tax on 23rd January.

The Minister told the National Assembly that the two countries want to ‘progress’ by the first quarter of 2012, and have agreed a target of 2013 for its implementation.

He added that it was possible that all or some of the tax revenue be used for aid policy for poor countries, but they were still open to its allocation.

On the same day Italian Prime Minister Mario Manti confirmed in a speech to the Italian Senate that his government had changed its position on a Financial Transaction Tax, saying "I have informed Brussels that we agree - unlike the former government - to promote a tax on financial transactions."