Submitted by Fox First at Ten on September 28th
BERLIN (AP) - Germany's Finance Ministry says Berlin and Paris have jointly appealed to the European Union's executive to prepare the introduction of a tax on financial transactions.
The proposal has failed to secure a majority within the 27-nation EU. Germany and France are pressing for its introduction by the legal detour of so-called enhanced cooperation, which would allow a group of at least nine countries to go ahead with it.
The ministry said Friday that Germany's Wolfgang Schaeuble and French counterpart Pierre Moscovici also wrote a letter to their European counterparts urging them to join their appeal to the European Commission.
At a June meeting of finance ministers 10 nations, among them Italy and Spain, backed the proposal. Britain, which has the continent's biggest financial industry, opposes the plan.
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