BRUSSELS WATCH: Fin Transaction Tax Ready If Needed: Moscovici

By Tara Oakes

     BRUSSELS (MNI) - A euro-specific financial transaction tax (FTT) is

"practically ready", EU Economics and Finance Commissioner Pierre Moscovici said

Thursday.

     Despite the failure of the FTT at a European Commission level, a number

countries have been working together to create the cross-border levy.

     "Eleven member states including France, Germany, Spain, Italy have

volunteered for an enhanced cooperation," Moscovici told the French National

Assembly European Affairs Commission.

     "We have worked on it a lot over three years and if we want to, we can," he

said.

     One sticking point, as reported by MNI in June, was that French President

Emmanuel Macron wanted UK banks to be included in the project as well.

     For Moscovici, the scope of the FTT as it stands would be limited to

Eurozone countries.

     "A project is ready - practically ready - which would only apply to

Eurozone area countries. It wouldn't depend on Brexit," Moscovici said.

     "We shouldn't kill the FTT. It could be part of own resources in the

Eurozone budget. If we need to invest more, here is an available resource," he

added.

     An FTT could be a possible tool as the EU looks for new ways to raise money

and plug the gap in the budget caused by the departure of the UK, a net

contributor.

--MNI Brussels Bureau; +44 203-865-3851; email: tara.oakes@marketnews.com

--MNI Paris Bureau; tel: +33 1-42-71-55-41; email: jack.duffy@marketnews.com

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