At the meeting of the G20 of finance Minister has made a surprising push for a global FTT (Photo: AP)
Chengdu Germany takes the initiative for a tax on financial transactions at the global level. Since such a tax in Europe alone bring little, made Wolfgang Schäuble (CDU) at the meeting of finance ministers and central bankers of the leading industrial and emerging countries (G20) surprisingly a corresponding advance. In their two-day discussions in southwest China’s Chengdu, the top economic powers conferred also on the impact of the planned British withdrawal from the European Union and the consequences of the coup attempt in Turkey.
The G20 group, however, sees himself equipped to to react to possible negative consequences of Brexits. “The G20 countries are well positioned to proactively address potential economic and financial implications arising from the vote in UK”, says the draft final declaration to be adopted on Sunday. In the paper, which was present to the German press agency, the G20 but also emphasize that the Proposed referendum on United Kingdom membership of the European Union-vote contributes to the uncertainty for the world economy.
At the meeting expressed the head of the International Monetary Fund (IMF) Christine Lagarde expressed concern that the weak growth of the world economy “is threatened by political events”, without referring to the development in the United Kingdom and Turkey. After the coup attempt, the other G20 countries want but Turkey urge, even after a state of emergency to comply with the constitutional rules. A corresponding passage in the final declaration was however still open to the last
The Turkish Deputy Prime Minister Mehmet Simsek was previously opposed to worry. “We will continue to vigorously democratic principles follow,” Simsek said. “It has not really changed much.” Finance Minister Schaeuble, however, said he wanted Simsek meet in Chengdu still and tell him that what takes place just in Turkey, did not comply with, “what we mean by democracy and rule of law “.
In the aftermath of the Proposed referendum on United Kingdom membership of the European Union-vote Schäuble did not see that additional boosts to the economy of the G20 partners would be needed. This is a matter for the British government and central bank, Schaeuble said after a first meeting with his British counterpart Philip Hammond: “I see no room for maneuver for the other.” Most G20 countries would see in the uncertainty, however, “has an element of risk for the economic development not only in the UK “
When asked whether there was by the declining pound exchange rate risks for the financial markets, Schaeuble said.” We do not actually have the impression that at the moment a particular danger in the markets. “the new government in London looking very reasonable for solutions in the British interest. But this should not be directed against European interests. It is for the British, as they wanted to make the exit: “Furthermore, we are agreed that we want to keep the damage from this Decision as low as possible for all concerned.”
British shares Much hope little choice
In addition to the Proposed referendum on United Kingdom membership of the European Union, the first day of the two-day deliberations turned to a tax policy that, by the will the G20 should not only boost global growth, but also promote social justice. The debate took Schäuble for its foray to introduce the financial transaction tax world. All were agreed that it would be right to impose such a tax on financial transactions globally, Schaeuble said. “As there has been no one tried.”
In Europe, you always bump into limits because only shifts in the taxation of business models would be achieved: “That’s why it must be done globally.” To date only want nor Germany and nine other European countries to impose such a tax. The negotiations but for months running no tangible results. Schäuble spoke of a “long and very ridiculous” story.
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