European parliament embraces Tobin tax

European Parliament

European lawmakers on Tuesday gave their overwhelming backing to a financial transactions tax that could net €200 billion ($278 billion) to improve market functioning by cutting down on speculative activity, and finance public goods.

In a resolution of parliament – a vote expressing an opinion of the body, rather than prescribing legislation – 529 lawmakers voted in favour of the adoption of a report which included the financial transactions tax, with 127 voting against and 19 abstentions.

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