U.S. Markets closed

Austria: decision on EU financial transaction tax in May

BRUSSELS (AP) — Austria's finance minister says a decision on whether a group of European countries can go ahead with plans for a tax on financial transactions will be made in May.

Hans Joerg Schelling said as he arrived at a meeting with European Union counterparts on Tuesday that the future of the project depends on whether Belgium and Slovakia stay on board.

He said that "if they don't agree and leave the group, then the project will be over because there aren't enough member states anymore."

Schelling added that "this decision must be made in May."

Ten of the EU's 28 member nations, including the biggest economies like Germany, France and Italy, wanted to introduce the tax. But negotiations have become snagged on details.