Challenges mount for European transaction tax

Splits are appearing among 11 European nations planning a tax on financial transactions, according to an EU document. Officials are questioning a wide range of aspects. "Some pretty basic technical design work has to be done with the financial-transactions tax, starting with the very simple question as to how to collect it -- in particular, outside your territory," said Nicolas Veron of Bruegel. "If this tax ever sees the light of day, it will be a very different one to the one presented now." Opposition is mounting, and Bundesbank President Jens Weidmann is warning about negative implications.

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