The financial transactions tax (FTT) presently levied by France and Italy on trading in French and Italian securities need to be banned by the European Commission which is urged by the Leading associations from the German finance industry. They denied the accusation that their objections to the taxes are part of efforts to further stall and even block the planned European Union tax on financial transactions (EU 11 FTT). The groups claimed that they are just seeking clarification on a legal issue.
The German magazine Der Spiegel mentioned that the six main banking associations in Germany have submitted an official complaint to the European Commission opposing the French and Italian FTT taxes, maintaining that the charges are in violation of European Union (EU) law.
