German development minister criticizes European FTT proposal as "almost ineffective"

German Development Minister Gerd Müller (CSU) has criticized the current proposal for a European financial transaction tax (FTT) in a group of ten EU member states, as being "almost ineffective".

For the past year, Müller has been advocating for the introduction of a European FTT of 0.01% on highly speculative investments. According to Müller, the revenue from this, an estimated €60 billion (US$66 billion), should be allocated to Europe’s development cooperation with Africa, specifically in the field of climate protection. He considers the current proposal to be a stripped-down version of his original vision as it mainly focuses on stocks but does not cover financial products such as derivatives. Revenue from the current proposal would also be lower than estimated in the original plan. 

News - ZEIT online (in German)