EU discusses bank tax

The introduction of a bank tax is on the European Council's agenda in Brussels today, Thursday. But it is still a long way to a decision on what that tax will look like, the daily Gândul writes: "Europe has declared its readiness to go solo on this. But beyond this fundamental agreement there are still differing opinions and open questions. What is to be taxed? The profits or the assets? What role should the tax money play? Initially it was to go towards a rescue fund for financing future bailouts in the banking sector. But does it make sense to invest billions of euros in such a fund when the money would just lie idle there, countries like Germany and France are asking. They want the bank tax to flow directly into the national budgets. In a third role the tax is meant to impede risky transactions, but this idea needs more backers. Only once all these questions have been answered will we be able to see what contribution the banks will make towards footing the bill for the crisis in budget deficits and public debt."

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