Senior ECB member says ‘Robin Hood’ tax could damage eurozone

The proposed financial transactions tax has the potential to do enormous damage to the eurozone’s financial services sector, according to one of the most senior members of the ECB, Christian Noyer.

Ireland is opposed to the measure and is not one of the 11 eurozone countries that plan to introduce the ‘Robin Hood’ tax that aims to raise roughly €35bn each year.

Mr Noyer, the governor of France’s central bank and an executive board member of the ECB, told the Financial Times that “the [European] commission’s draft is a non-starter and needs to be entirely revised”.