The European Central Bank has offered to help the EU redesign its financial transactions tax to avoid any “negative impact” on market stability, highlighting official fears about the implementation of the levy.
Proposals by 11 eurozone countries for a “Robin Hood tax” on trading in bonds, shares and derivatives have run into strong opposition from the financial industry, which has warned they could dry up markets, increase costs for investors and erode bank profits.
Publicly, the ECB has refused to take sides – pointing out it has no mandate in the field. But its offer to help with the design of the tax suggests that, privately, it has deep reservations about its impact on financial markets and the real economy.
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