The Germans are proposing that banks be required to pay $1.6 billion every year into an insurance fund that could be used to bail out the financial system in the event of another crisis.
The proposal was applauded by French Finance Minister Christine Lagarde, whose government wants to go even further by taxing hedge funds and insurers.
The German conversion has boosted the campaign by British Prime Minister Gordon Brown for the leaders of the world’s biggest economies to back a global levy at the G-20 summit, which will be held in Toronto June 26 to 27.
Yes the financial crisis hit our economy pretty badly but it wasn’t as bad as it hit Europe and America. After what we been through and learned from this crisis, the expression “better being safe than sorry” is something that should be in everyone mind. So I think it’s a great idea if we also apply the bank tax in our economic because the money it generates can be used as bailout money for the future.
Click picture for full article:
Terencecheung11's Blog 
0 Responses to “Support grows for global tax on banks, but issue may prove awkward for Canada”