The Russian finance minister, Alexei Kudrin, also said he was skeptical of such a tax. Similar fees had been proposed by Germany and France but rejected by Mr. Brown’s government in the past as too hard to manage. But Mr. Brown is now suggesting “an insurance fee to reflect systemic risk or a resolution fund or contingent capital arrangements or a global financial transaction levy.”

Supporters of a tax had argued that it would reduce the volatility of markets; opponents said it would be too complex to enact across borders and could make huge imbalances. Mr. Brown said any such tax would have to be applied universally.

U.S. criticizes U.K. proposal to tax financial transactions is a post from: Before You Invest Your Money

President of the EU Commission Jose Manuel Barroso announced the proposals – which include the formation of a new European Systemic Risk Board – yesterday (September 23rd).

The go came ahead of this week’s meeting of G20 leaders in Pittsburgh and the EU said in a statement: “The European system can also inspire a global one and we will argue for that in Pittsburgh.”

Employees from the European Central Bank would be used to staff the risk board and the EU has also suggested forming three new regulatory bodies to oversee exchanges, the insurance industry and banks.

Mr Barroso remarked that the aim is to ensure the “dark days of autumn 2008″ do not happen again.

Last week, it emerged that the EU may force Lloyds Banking Group to sell its Halifax arm as compensation for the funding it was given by the UK government during the credit crunch.

EU proposes new bank ’super regulator’ is a post from: Before You Invest Your Money