European Central Bank asked to reconsider financial transaction tax
The European Central Bank called on the government to reconsider the new financial transaction tax. In the past, it has also objected to a special tax on banks, but the government ignored it. The ECB is warning that the new tax could make credit less accessible, weaken financial markets’ liquidity, and make banking services more expensive. The tax also undermines the ECB's efforts to create a capital markets union and favors cash transactions. The ECB urges the government not to apply the tax to the central bank NBS.
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