You proposed a tax on inancial transactions

The social democratic inance Minister expressed optimism about the results o the G20 in Pittsburgh. He de elops his concept o tax on inancial transactions or "Les echos". The SPD is ready to introduce a tax on stock market transactions in the single German ramework on international ailure on the subject.

What are you going to claim to Pittsburgh

It is essentially continue to practice this on what the G20 has already heard at two pre ious summits: no inancial product, no actor in the inancial markets and no market must remain without regulation or super ision. Among the key words o the Summit, I can quote you the impro ement o the international super ision o banks, the increase in requirements or equity and the ight against tax e asion. Thus, we say clearly that it cannot be a return to "business as usual". This is also true in the banking sector, or the uture ramework o the bonus. In the uture, it should more be bonus only short-term per ormance-oriented.

How do you consider the attitude o the British Go ernment and lobbying o the City

The City has a ery strong lobby, which is not ery surprising, when we see how the economic model o Britain depends on the inancial industry. But e en Britain cannot escape rom the pressure o the other members o the g-20. And o e en less when Americans are on board, they ha e a massi e interest in the integrity o their inancial markets. Because they are the irst global importers o capital and need the con idence o the rest o the world.

Are you ready to lea e the Summit, i e er the results is disappointing

Gi en the successes in the past twel e months, I am undamentally optimistic or the Pittsburgh Summit.

You proposed a tax on inancial transactions. How would it work

The Germany attaches great importance to a air distribution o the burden o the crisis. I ha e already mentioned this topic at the last g-20 inance. My goal is that the G20 to seize also: who will oot the Bill Will our ellow citizens eel the Turkey stu ing, i they assume only the consequences o the crisis With the candidate or the Chancellery o the SPD, rank - Walter Steinmeier, I recently introduced the idea o a new tax on inancial transactions as compensation. It is not the old concept o tax Tobin, but a tax on inancial transactions, with a possible large base and a lowest possible, alid at least at the le el o the G20, to pre ent the e ects o e iction. The rench Minister o oreign A airs, Bernard Kouchner, expressed already in these columns in comparable terms.

And oul international agreement, the Germany is ready to go it alone

I there is no agreement at the le el o the g-20 or at least at European le el, it should re lect on alternati es in a more restricted ramework. or the Germany, the SPD proposes the introduction o a tax on stock market transactions, as there is in Great Britain since 1684 under the name "stamp duty".

Are you satis ied with the le el o implementation o measures decided in London in April

I can only repeat: we were already ar ad anced. It is not always easy to communicate, because it's complex projects, with the prudential rules, banking super ision, capital requirements and the role o "hedge unds" and the rating agencies to gi e a ew examples.

And with regard to tax ha ens

This is a theme which is see red at all those who honestly pay their taxes, when they see that precisely those which bene ited the excess, on the stock exchange and banks, deposit their earnings in tax ha ens. Not only it costs billions to the State, but this has dangerous implications or the oundations o our society and our parliamentary democracy. This is why I welcome the progress made in this area. Within three months, 44 States ha e signed the OECD codex. Without the constant pressure o the Germany and the rance, we would ha e much less ad anced, or e en not at all. We will care ully monitor the compliance with the commitments.

Are you or a single seat or the euro rom the IM

It is a ery di icult question. rankly, I can't imagine it in a oreseeable period. The big countries o the Union, which contribute to a decisi e height to the inancing o the IM , also want to continue to ha e a representati e own.

What judgment wear on the German inancial system Is it stable

I hope that we ha e been able to stabilize our inancial system through considerable public support measures. This does not mean that all inancial institutions are doing ery well. The Landesbanken in particular, continue to represent a huge systemic risk or our market. Accelerated consolidation and restructuring is needed.