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Danish Central Bank Says Transaction Tax to Destabilize Markets

Nov. 3 (Bloomberg) -- A European Union tax on financial transactions would lead to lower profits and more unstable markets, Denmark’s central bank said.

“It would make capital markets less effective and promote volatility,” Per Callesen, deputy governor at the Copenhagen-based bank, said in a letter to the Danish tax ministry, distributed via e-mail today. “Also, a tax can’t be expected to have a measurable effect on limiting unwanted speculative trades, because the potential profits from such trades are very large compared with trading costs.”

To contact the editor responsible for this story: Christian Wienberg at cwienberg@bloomberg.net

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