US and EU to levy in ‘own way’
The US leader discussed possible bank fees and taxes in meetings yesterday with French President Nicolas Sarkozy and German Chancellor Angela Merkel during a G20 summit in Cannes, France, said Michael Froman, a deputy national security adviser. Eurozone nations favour a tax on transactions, while Obama has proposed a “financial crisis responsibility fee” to be paid by the largest banks.
“Both share in commonality the idea that the financial sector has an appropriate role to play in contributing” to the costs of the crisis cleanup, Froman said.
