Global Correspondence
GFMA Submits Comments to the G20 Central Bank Governors Opposing the EU's Financial Transaction Tax
GFMA provides comments to the G20 Central Bank Governors voicing strong opposition to the EU’s proposed financial transaction tax (FTT). GFMA believes that, as currently designed, the proposed FTT will harm economic growth at a time of significant economic uncertainty by increasing government and corporate borrowing costs, and will undermine the effectiveness of monetary transmission channels. In addition, the FTT would have unprecedented extraterritorial impacts, contrary to G20 principles and commitments. In addition, the AFTT would have unprecedented extraterritorial impacts, contrary to G20 principles and commitments.
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