Perhaps fearing the haphazard implementation of a potentially destabilizing bank levy, the ECB...

|By:, SA News Editor

Perhaps fearing the haphazard implementation of a potentially destabilizing bank levy, the ECB offers to assist in retooling the EU's financial transactions tax. An ECB executive board member tells FT the central bank is "willing to engage constructively with governments and the European Commission" to safeguard financial stability as the tax on bond, shares, and derivatives trading is enacted. Critically, officials may seek to exempt the repo market from the tax, something Bundesbank Chief Jens Weidmann says is critical to ensuring the proper functioning of financial markets.