Danes blame French for latest FTT outburst

Denmark’s minister of finance Bjarne Corydon is yet to fully respond to a letter sent by nine counterparts calling for the Danish presidency of the EU to speed up the adoption of a financial transaction tax (FTT)

The letter – republished [asset_library_tag 4079,here] – calls for an acceleration of the “analysis and negotiation process” necessary to support turning the draft Council Directive on FTT into European law.

“Accordingly we would appreciate if during the Danish presidency a complete reading of the Directive can be achieved and discussions started on compromise proposals to overcome any difficulties that might have arisen.”

Austria, Belgium, France, Germany, Greece, Italy, Portugal and Spain joinly drafted the letter.

Denmarks Børsen said that while no official comment has been forthcoming from the government in Copenhagen, comments from Brussels sources suggest that the letter is being interpreted as an election ploy by Sarkozy, to appear as a leader on the FTT issue.

Other comments from constitutional experts in EU law suggest that the FTT could be adopted without requiring all member support. They point to the Schengen agreement on border free travel as one example of EU law where members such as the UK have previously been able to opt out. The UK and Sweden are seen as the members most likely to use a veto against any proposals that would force FTT taxation upon them.

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