Germany's Foreign Minister Pushes for Financial Transactions Tax in the EU

Germany's foreign minister, Guido Westerwelle, expressed his support for a financial transactions tax, which would be levied on markets in the European Union, including the UK. This proposal, known as the Robin Hood tax, aims to redistribute at least a small portion of the profits made by wealthy investors to the economically disadvantaged. Westerwelle's remarks were directed at Prime Minister David Cameron of the UK, who vetoed proposed treaty changes at the EU's economic crisis summit meeting last week. The UK's actions left it isolated, but Westerwelle maintained that the door remains open for the UK to join the new economic stability pact.

Key Takeaways:

• Guido Westerwelle, Germany's foreign minister, advocates for a financial transactions tax in the European Union, despite opposition from the UK government.
• The proposed tax, known as the Robin Hood tax, would be levied on trades of stocks, bonds, and other securities, and its revenue would be used to help the economically disadvantaged.
• Westerwelle emphasized that the tax should apply to all EU members, including those outside the eurozone, to promote economic solidarity and fairness.
• The tax has attracted significant attention and support from influential advocates, including French and German leaders, philanthropists like George Soros and Bill Gates, and the Occupy Wall Street movement.
• Westerwelle defended the outcome of the EU summit, which adopted a recipe of austerity and discipline for combating the economic crisis in the eurozone.
• The eurozone's 17 member governments agreed to accept more oversight and control of national budgets, at the expense of their own sovereignty.
• Westerwelle reiterated Germany's position that a nuclear-armed Iran would be unacceptable and described the International Atomic Energy Agency's report on Iran's nuclear activities as "alarming."
• However, he warned againstprematurely discussing new sanctions on Iran, noting that sanctions only work well if many countries participate.

Statistics:

• 17 member governments of the eurozone will accept more oversight and control of national budgets, at the expense of their own sovereignty.
• 3 influential advocates, including George Soros and Bill Gates, support the proposed financial transactions tax.
• 1 proposed tax, known as the Robin Hood tax, aims to redistribute at least a small portion of the profits made by wealthy investors to the economically disadvantaged.
• 1 International Atomic Energy Agency (IAEA) report described Iran's possible work on a nuclear weapon as "alarming."
• 1 economic stability pact, championed by Germany and other EU members, excludes the UK due to its decision to veto proposed treaty changes.

Sources:

• The New York Times: interview with Guido Westerwelle, German foreign minister.
• Reuters: "Germany's Westerwelle pushes for EU financial transaction tax".
• Agence France-Presse: photo of Guido Westerwelle.
• International Atomic Energy Agency: report on Iran's possible work on a nuclear weapon.