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Originally published Saturday, February 16, 2013 at 5:02 AM

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Merkel vows quick action on transaction tax

Chancellor Angela Merkel is pledging that the German government will try to ensure that a tax on financial transactions is introduced quickly.

The Associated Press

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BERLIN —

Chancellor Angela Merkel is pledging that the German government will try to ensure that a tax on financial transactions is introduced quickly.

The tax is designed to help pay for the rescue of Europe's banks and discourage risky trading. A group of 11 European Union countries, including heavyweights Germany and France, got the official go-ahead last month to work on the introduction of the levy.

Merkel said in her weekly video message Saturday that her government will do everything to make sure talks go quickly, but gave no date.

Still, a senior lawmaker with Merkel's junior coalition partner, Volker Wissing of the Free Democrats, was quoted as telling the daily Sueddeutsche Zeitung he has concerns about Brussels' plans in their current form.

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