Hoffmann calls for financial transaction tax across EU

The head of Europe's biggest trade union Reiner Hoffmann has said a one-off levy on the richest people in Europe could yield over €120bn.

Hoffmann, the head of Germany's DGB, that has 40 million members, added Europe needs a new major one-off stimulus to revive the Eurozone.

At a conference in Dublin, he is calling for a plan similar to the 'Marshall Plan' used to kickstart European economies after World War 2.

He is calling for a financial transaction tax across the entire EU, which he believes would hit the pockets of those who caused the financial crisis.