October 5, 2011 / 2:00 PM / 8 years ago

EU Commission to call for global transaction tax at G20

BRUSSELS, Oct 5 (Reuters) - The European Commission will push for agreement on a global financial transaction tax at the meeting of G20 leaders in France next month, European Commission President Jose Manuel Barroso said on Wednesday.

Flanked by German Chancellor Angela Merkel at a news conference in Brussels, Barroso said it was time to create “new momentum globally” with the initiative.

“The chancellor and I agreed that the time is right to create new momentum globally and at the G20 summit in Cannes, we will press for a global financial transaction tax,” Barroso said.

The European Union is set to propose a tax on trading bonds and shares as soon as 2014, a central plank of efforts to recoup cash from a sector that cost governments billions of euros during the financial crisis.

The latest proposal, seen by Reuters last month and which could be launched within weeks by Barroso, is the result of a Franco-German drive to push taxing finance onto the global agenda in the wake of turmoil that is shaking the euro zone.

But Britain opposes such a tax and says it would only support such a levy if it was global. (Reporting by Robin Emmott; editing by Rex Merrifield)

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