Trichet puts dampener on financial transaction tax

European Central Bank President Jean-Claude Trichet has said a financial transaction tax could only work if implemented across the globe, marking a setback for others who have argued that Europe could go it alone.

Speaking after an informal meeting of EU finance ministers discussed the issue in Brussels on Friday (1 October), Mr Trichet said anything short of a complete worldwide roll-out would result in transactions simply being carried out in different jurisdictions.

"The fina...