Paris and Berlin in push for bank levy

GERMANY and France yesterday insisted that an international bank levy should be imposed in order to create a global safety blanket for future crises.

French economy minister Christine Lagarde said: “We agree fundamentally on the international nature that this mechanism should have.”

The build up of momentum means the G20 group could agree a bank levy as early as June, when they next meet for their summit.

Government officials have said banks’ contributions would be based on the risk of their business model.

The call came as Wolfgang Schäuble, German finance minister, outlined plans to force his country’s banks to pay €1.2bn into an insurance fund to cover bailouts in a future crisis.