Brussels

Italy to raise 1 billion euros from Tobin Tax

EU finance ministers give backing to 'enhanced cooperation'

Italy to raise 1 billion euros from Tobin Tax

Brussels, January 22 - The newly approved fee on financial transactions will raise approximately one billion euros for Italy, the country's Economy Minister Vittorio Grilli said on Tuesday. EU finance ministers gave their backing to enhanced cooperation for the introduction of the so-called Tobin Tax - named after Nobel economics laureate James Tobin - in 11 European countries including Italy, Germany, France, Greece and Spain at an Ecofin meeting in Brussels on Tuesday. "Italy has already intervened in the knowledge that other countries would also follow a similar path," said Grilli in reference to provisions to introduce a tax on investment transactions contained in the 2012 budget law. "It will be important for us to see how the provision evolves in order to coordinate future governments with respect to what has already been introduced," he concluded.

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