Association of German Banks warns against financial transactions tax

28 September 2011

"The decision to introduce a European financial transactions tax is a mistake. A tax of this kind will damage the European financial industry and, in the final analysis, even threaten economic growth", said Michael Kemmer, General Manager of the Association of German Banks.

"Neither at international nor EU level is there a sustainable consensus on a financial transactions tax. According to the European Commission's current plans, avoidance of the tax to the detriment of the affected financial markets would be countered by a very broadly defined "principle of location". There are considerable doubts, from both a legal and a practical perspective, whether an approach of this kind can succeed in preventing avoidance action at the expense of countries subject to the tax."

Press release

© BDB - Bundesverband Deutscher Banken