Barely out of cardboard, the global banking fee is already forgotten. After two days of meetings in the South Korean port of Busan, the G20 finance ministers have finally buried the idea of imposing a universal tax on banks to finance the rescue of the financial sector. Under pressure from Canada, Japan and several emerging countries, the G20 has decided that the imposition of tax concerns only countries where governments have funded bailout of their banks following the financial turmoil triggered Wall Street in 2008. A compromise that left the United States and European countries the right to establish their own tax waiver on their banking sectors, but reflects differences in approach within the group of the twenty largest economies in the world.
Canada, which will host on June 26 in Toronto the next summit of G20 leaders, as well as Australia and Japan have argued that their banks should not pay for the mistakes of their American and European counterparts. An application supported by big emerging countries like Brazil and India argued that their banking sector is healthy and does not require the establishment of a security background. "This is a view somewhat optimistic" said Dominique Strauss-Kahn, the IMF head who introduced new tax proposals in Busan.
The South Korean Presidential G20 hopes to win here at their summit in Seoul in November, an agreement on guidelines that would frame the future bank charges while leaving wide latitude to reluctant countries.
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