The U.S. economy is in a ‘sweet spot’. But markets may be getting one thing
wrong, says Goldman Sachs.
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Investors are possibly too pessimistic on the likely pace of Fed rate cuts
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Wednesday, September 28, 2011
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The latest known proposals would slap 0.1 percent on shares and bonds and 0.01 percent on derivatives, although countries wanting higher levels would be free to raise the rate domestically.
ReplyDeleteWhile Merkel and Sarkozy offered no details on the tax in August, their support helped send shares into an immediate tailspin with financial sector players warning the measure would push business away from Europe.
Britain, at the heart of the global financial industry, reiterated demands for any such tax to "apply globally," after a Treasury official argued that "otherwise the transaction covered would simply relocate."
The Netherlands are also opposed to it.
"The tax would not be based on where transactions take place but on the parties involved," an EU source has argued.
Decisions on tax matters, the bedrock of national sovereignty, require unanimity under EU rules.