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EU Needs Transaction Tax for Refugee Plan, UN Official Says

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The European Union should levy a tax on financial transactions to fund a “Marshall Plan” to deal with the continent’s worst refugee crisis since World War II, United Nations Under-Secretary-General Philippe Douste-Blazy said.

The bloc could raise 59 billion euros ($66 billion) a year with a 0.1 percent tax on trades of stocks and bonds and a 0.01 percent tax on the trades of derivative contracts, Douste-Blazy said in a phone interview from Hungary on Friday.