AFME, a free-market think tank and other groups warned about the consequences of a proposal from France and Germany to tax financial transactions. "The financial-services industry should not be seen as an additional source of tax revenue but as an essential part of a stable and sustainable economy," AFME said. A "tax would be a brake on economic growth." The Adam Smith Institute said the tax could cause more market volatility. Meanwhile, the Swedish and Dutch governments distanced themselves from the proposal.

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