Brussels

EU paves way for Tobin Tax

Initially involves transactions among 10 European countries

EU paves way for Tobin Tax

Brussels, October 23 - The European Commission will give the green light on Tuesday to so-called enhanced cooperation in view of the planned introduction of a Tobin Tax on international financial transactions. The levy, named after the Nobel economics laureate James Tobin, will initially involve transactions among 10 EU countries including Italy and Spain. Meanwhile on Monday Moody's Investors Service downgraded by one or two notches the rating of five Spanish regions: Andalucia, Extremadura, Castilla-La Mancha, Catalunya and Murcia.

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