Source: The Canadian Press
Prime Minister Stephen Harper met with French President Nicolas Sarkozy and French PM Francois Fillon on Friday and came away agreeing to disagree on the thorny issue of a bank tax.
Harper is vehemently opposed to the idea of a bank tax, saying the country’s financial institutions shouldn’t be penalized for weathering the economic turmoil better than their international counterparts
“We’re trying to reach an agreement on this question, where even if countries do things differently, we can recognize a common principle to ensure that risks are taken by the institutions themselves and not by taxpayers,” Harper said after his meeting with Fillon.
“We also have to make sure that we don’t increase risk by sending the message to the financial sector that the taxpayers will underwrite their bad decisions.”
The meetings in Paris came one day after Harper discussed the same issues with British Prime Minister David Cameron in London.
France and Britain are some of the staunchest proponents of the tax.
Fillon told reporters there is general consensus among G20 countries to limit the risks to which banks are exposed.
The tax — supported by many G20 nations — would help pay for economic rescues like ones adopted around the world since 2008.
The topic will be discussed at the G20 meeting to be held in Toronto later this month.
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