Bloomberg News

Hollande Says Transaction Tax on EU Agenda for Talks

June 22, 2012

(Corrects spelling of name in headline. Story originally was published on June 20.)

French President Francois Hollande said European Union officials will discuss a financial transaction tax at a meeting later this month after delegates at a UN conference in Rio de Janeiro declined to adopt the plan.

“The text is a road map for our sustainable development goals,” Hollande said at the Rio+20 summit today. “If we want to reach the goals we set for development we need to mobilize all the resources possible.”

Taxing financial transactions would generate new resources needed to fund sustainable development projects around the world, Hollande said.

European countries will discuss the tax at the end of June at the European Council, even though “more liberal” nations oppose to the measure, Hollande said.

“Some European countries may create this tax in the context of what we call reinforced cooperation,” he said.

To contact the reporter on this story: Adriana Brasileiro in Rio de Janeiro at abrasileiro@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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