Olaf Scholz backs public CBCR
The German finance minister Olaf Scholz has announced that he is in favour of public country by country reporting (CBCR).
This is a significant shift in position for the German finance ministry, which has until now opposed the measure. It is also Germany that is leading a minority of EU member states that continue to block the proposal in the Council. However, it is not certain that the leading partner in the German government coalition, CDU, will approve.
In parallel, the Finnish Presidency already declared a few weeks ago that it will try to find solutions to get the file moving in the Council.
We will see later in autumn whether this combined shift in German finance ministry’s position and the Finnish Presidency’s efforts will be sufficient to bring about progress.
FTT negotiations stalling, no future timeline set
On 20 September, member states’ tax attaches held a technical working party meeting to discuss the financial transaction tax (FTT). The 10 enhanced cooperating member states updated the rest of their colleagues on latest progress.
It became apparent at the meeting that things have not progressed significantly in the past weeks. Even though progress has been visible at a technical level, political obstacles remain, in no small part the lack of governments in both Spain and Belgium.
As a result, the 10 enhanced cooperators have not submitted any draft legal texts to the Finnish Presidency, or indicated any timetable. The Presidency intends to hold no further FTT technical meetings unless explicitly asked to do so by the 10 enhanced co-operators.