Europeans act alone on bank tax before G20

A joint statement said the three biggest European economies were "committed to the full implementation of the ambitious G20 financial sector reform agenda," but the timing of the tax move suggested the Europeans have low hopes of any global deal.

G20 finance ministers dropped the idea of a common levy this month due to Canadian and Japanese resistance. But European Union leaders, under pressure to justify austerity measures to their voters, renewed a call for international action last week.

Britain's new center-right government included a bank tax in Tuesday's austere emergency budget, aimed at slashing a giant deficit and swollen public debt built up rescuing teetering banks and fighting the deepest recession since World War Two.

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- Posted: 2010-06-22 10:44:12

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