Noonan: All states must introduce financial tax for it to work
The Finance Minister Michael Noonan has said that Ireland will not agree to a financial tax as part of the solution to the economic crisis, unless it is implemented amongst all 27 member states.
Speaking at the meeting of European Finance Ministers today, the Minister said that in principle, all states are in favour of the tax but the details will require more technical assessment.
According to Mr Noonan, a discussion about a financial tax at the G20 meeting in Cannes ended in the larger countries unwilling to introduce such a levy.
The Minister said it is very important that all European states introduce the tax if it is to go ahead.
Mr Noonan said: "Ireland would find it very difficult, it would be very onerous on our financial services industry if there were a financial transaction tax in Dublin and no such tax in London.
"That would have a big impact on us, so it is going back now for more technical work and no decision either way has been taken."
