German Finance Minister Wolfgang Schaeuble wants to discuss the introduction of a global financial transaction tax at a Group of 20 summit starting today in Cannes, German daily Hamburger Abendblatt reported, citing an interview.
Failure to reach an agreement on the tax at the G-20 level may require further talks with the U.S., Schaeuble said, according to the newspaper. Separately, European Union finance ministers will discuss the tax at a meeting in Brussels next Tuesday, and, if those talks are unsuccessful, euro-area countries should consider introducing the tax on their own, he said.
The EU proposed a financial transaction tax that would take effect in 2014 and raise about 57 billion euros ($78 billion) a year. Germany and France have led a push for global implementation.