10 September 2001, 16:41 Eichel favours 'regulatory mechanisms' to curb speculators
BERLIN (AFX) - Finance Minister Hans Eichel said he favours the
implementation of "regulatory mechanisms" aimed at limiting worldwide
speculative financial operations.
"Capital markets should have regulatory mechanisms in place and
protection against speculation," he said here.
"In principle, limitations in capital movements can play a positive
role," he said.
However, Eichel acknowledged that it would be "practically
impossible" to make a distinction between capital movements that are
speculative and those that are not.
Commenting on the so-called Tobin tax on speculative financial
operations, Eichel said the tax aims to make short term capital
movements "less attractive", but did not comment further on the tax.
Ten days ago, the minister said he had "large doubts" on it.
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