Brussels, 13/01/2015 (Agence Europe) - Steven Maijoor, president of the European Securities and Markets Authority (ESMA), believes that the financial transactions tax (FTT) would be more effective if all 28 member states were on board, whereas the project is currently struggling along under enhanced cooperation between eleven countries.
“From my own point of view - as the ESMA will not be taking position on this issue - I would say that the rules should be made by all 28 or not at all”, he said in response to a question put by the French daily newspaper Les Echos in an interview published on Wednesday 13 January (our translation). He added that there was a need for clarity on the “tax we are talking about - some of the countries, which are firmly opposed to this in Europe, already have something similar themselves, but it is only paid for by the end customers”. He argued that an FTT which only affects the end user is “fundamentally different” from one which “will affect all transactions, including the market makers”.
The Eleven will meet on the sidelines of the forthcoming Ecofin Council to try to resolve the outstanding issues which have made it impossible to reach an agreement within the time period laid down. The small participant countries certainly seem to be in favour of recent statements by France, which has done a U-turn on its position. (EL)