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Germany, France Try to Jump-Start EU Financial-Transaction Tax

  • Scholz says existing French levy is a good basis for talks
  • Austria’s Loeger says more detail is needed to assess proposal
Skyscrapers stand in La Defense business district at the end of the Champs Elysee as the sun sets in Paris, France.
Photographer: Christophe Morin/Bloomberg

Germany and France renewed their bid to unlock talks on a new European financial-transaction tax based on an existing French levy on stock trades.

German Finance Minister Olaf Scholz said the French tax is a good basis for talks, and could contribute to financing “European tasks in the euro zone” or the European Union as a whole. “If we can manage that it would be a breakthrough,” he said on Monday before meeting with his euro-area counterparts in Brussels. “We’ll have to work a bit more, but I believe it’s at least within sight how that could work.