European Commissioner defends under-fire Tobin tax


The European Commissioner responsible for taxation, Algirdas Šemeta, urged the fast implementation of the financial transaction tax in the face of "very strong lobbying" from its opponents.

Šemeta said the 11 EU member states that support the tax must reach a consensus quickly to avoid "unnecessary speculation" over their ability to put the proposals into practice.

The tax has drawn a great deal of fire from critics in recent days, while the UK last month launched a legal challenge against the

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