The German government approves a tax for banks

The cabinet approved the basic lines of stricter rules for financial markets.

The draft however is not designed yet.

The mandatory contribution from 1 to 1.2 billion Euros per year will be paid by all credit institutions in a new stability fund.

Also there is some planning for some new instruments for restructuring or, if necessary, the diffraction of the large banks that have gone bankrupt.

Regarding to these measures the German Minister of Finance Wolfgang Schäuble said today to the reporters:

\ "In this context we must be careful not to risk, or to affect the banking sector's ability to advance the economy and economic restructuring. \"

This mandatory contribution on banks was sharply criticized by the opposition in parliament.

This contribution is a \ "trick \", as the volume of up to 1.2 billion Euros is completely insufficient, said the deputy chairman of the SDP parliamentary group, Joachim Poß, in a television interview.

Also the Greens described this contribution of the banks as a \ "tactic election \".

In the cabinet meeting also attended the France Minister of Economy Christine Lagarde.

Germany and France aim to develop a common model for regulation of the financial markets.

Source:ekonomia-ks.com/1 April 2010