Sarkozy's stock market tax displeases Merkel

The German Finance Ministry stated on Monday that it will not go along with the stock market tax announced by French President Nicolas Sarkozy on Sunday night. And it's a good thing, too, writes the left-liberal daily Süddeutsche Zeitung, describing the stock market tax as a typical, botched product of Sarkozy's madhouse because rather than imposing taxes on all financial transactions it will only tax purchases of stock: "No wonder Sarkozy has been loudly applauded by the German [liberal] FDP, which opposes any form of taming financial markets with a transaction tax. ... Until now Nicolas Sarkozy wanted to cast himself as the champion of a transaction tax. But with his stock market tax he takes on the role of the electioneer who drops his original goal without a second thought. Because in imitating the British model of a stock market tax, France removes the pressure on Britain to go along with the other EU states and introduce a comprehensive transaction tax. Until now the British were alone in Europe, something they felt less happy about than they let on. Now Sarkozy has copied them and in so doing stabbed Chancellor Merkel in the back, who had been fighting at his side until now for a comprehensive tax."

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