Industry associations are urging Group of 20 finance ministers to overrule a European plan to tax financial transactions. "Now is not the time to experiment with policies that will fragment markets, increase market volatility, harm savings and impede growth," according to a letter from the groups. They also note the extraterritorial nature of the tax. The levy "would apply to transactions well beyond the 11 EU member states that have agreed to adopt it," they warn.

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