EBF: European banks call for solutions least detrimental to the European economy

28 September 2011

The European Banking Federation (EBF) is calling for further dialogue over the proposals published today by the European Commission to raise a significant amount of new revenue by taxing the financial transactions of all operators located in the EU.

European banks believe that the introduction of a financial transaction tax at European level is a nonsense since, depending on the scope of the regulation, it could generate a shift of some business activities to other parts of the world, with negative impact on the funding of the European economy and finally on employment.

The EBF is concerned that imposing a financial transactions tax would also have an impact on the liquidity of instruments, at a time when any additional cost on funding would be better avoided.

Press release

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