To ease the crisis, tax financial transactions

IT has been three years since the collapse of Lehman Brothers and the start of a financial crisis that still casts a dark cloud over the global economy. Governments, both rich and poor, urgently need a way to calm speculation in the financial markets and to raise revenue. On Wednesday, the European Commission president, José Manuel Barroso, proposed a tax on financial transactions. Such a measure, already supported by the German chancellor, Angela Merkel, and the French president, Nicolas Sarkozy, is long overdue.

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