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BANQUE DE FRANCE CHIEF CRITICISES FTT.

Christian Noyer, governor of the Banque de France, attacked Europe's planned financial transaction tax (FTT) in an interview given to The Financial Times, on 28 October. The FTT was scheduled for implementation in January 2014 but has hit several road bumps. Governor Noyer said the tax presents "an enormous risk" to the countries involved and threatens to "trigger the destruction of entire sections of the French financial industry, trigger a massive offshoring of jobs and so damage the economy as a whole". French President Francois Hollande supported the so-called Tobin tax in his presidential election campaign, but has seen his Finance Minister, Pierre Moscovici, break ranks on the issue. Governor Noyer continued, saying that Europe's FTT should base itself on the French model, which charges 0.2% on purchases of equities of companies listed in France whose market cap is larger than 1 billion.

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Publication:European Report
Date:Oct 29, 2013
Words:144
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