Austria Fin Min: Euro Group In Push For Transaction Tax

VIENNA (Dow Jones)--Euro-zone finance ministers have made a key commitment to work together for the swift introduction of a Europe-wide tax on financial transactions, the Austrian finance minister said Tuesday, urging European heads of states and governments to get behind the initiative.

Finance Minister Josef Proell denounced the idea of national taxes on financial transactions and dubbed the decision at a meeting late Monday by the Euro Group a "milestone agreement."

"We have agreed in unison to accelerate and further the work for an introduction of a Europe-wide financial transaction tax. The financial markets must also make a contribution to overcoming the economic crisis. This is a milestone towards the completion of this large project," Finance Minister Josef Proell said in a statement.

"I now expect the heads of states and governments to do their part to secure the implementation," Proell said.

His comments follow statements made in the Austrian media by Austrian Chancellor Werner Faymann, according to which the Austrian government leader is ready to implement a national financial transaction tax regardless of whether a Europe-wide agreement is reached or not.

"I consider it a mistake to pursue a solo solution, even before a European solution has been fought for," Proell said.