EU Transaction Tax Is ‘Undesirable,’ Dutch Central Bank Says
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The Dutch central bank said it opposes the introduction of a European financial transaction tax that it estimated would cost the nation’s lenders, pension funds and insurers about 4 billion euros ($5.2 billion) and hurt economic growth.
The Netherlands would be relatively hard hit by the levy because of the size of its financial industry, the Dutch central bank said in a statement today. The tax would lead to annual costs of 2 billion euros for banks, 1.7 billion euros for pension funds and 0.3 billion euros for insurers, it said.