The EU Talks About a New Tax Whilst The Euro Burns

The bickering was bound to come out in the open and so it has. The EU finance ministers are arguing over the introduction of a financial transaction tax to which the UK is adamantly opposed as indeed is the United States. To me it seems like a great idea for the eurozone as no doubt those who would otherwise trade in Frankfurt or Paris or wherever will cary out more of their trades in London making London like the pot of gold at the end of the rainbow. Indeed as I type this there is a rainbow over London from the City to Battersea! The Germans and the French think the tax should be a global one but this is never going to happen. Will Germany and France support a eurozone wide version instead? It seems there are a number of eurozone countries such as Spain and Belgium which support the idea. The EU countries do not agree amongst themselves with how the money should be spent with some wanting the tax raised going to individual countries and others wanting it to go into a EU fund. The type of transactions the tax would apply to remains to be agreed. Would it just apply to stocks, foreign exchange and derivatives as some are suggesting or would it cover more or less types of transactions. In the meantime the euro crisis continues and will continue to do so until someone has the guts to knock a few heads together. The EU finance ministers should be discussing and agreeing a plan to deal with the crisis rather than talking about a new tax which is most unlikely to get off the ground and certainly not whilst the euro crisis remains unresolved.