Noonan says no to EU tax fast-track

Finance Minister Michael Noonan has appealed for the EU to slow down the process of putting a financial transaction tax in place, saying he was not willing to participate if the legislation was pushed through on a fast-track basis.

He told his fellow EUfinance ministers there were other methods of taxing the banking system that should also be considered.

Germany and France will push the EU to agree to the tax at next Monday’s summit. If they fail to convince all 27 members, they will suggest the eurozone countries adopt it.