Finance ministers from the 15 EU eurozone countries, meeting in Frankfurt on 2 June 2008, rejected France's proposal for Europe-wide fuel tax cuts, despite ongoing strike action across the European Union. The soaring cost of fuel has seen protests from fishermen, farmers and hauliers across Europe in the past four weeks. In response, France announced its proposals for fuel tax cuts, as well as other relief measures such as diverting fuel tax receipts to help households affected by high oil prices and forcing companies to be more transparent about their oil reserves. The chairman, Jean-Claude Juncker, stated after the meeting that there was 'no question' of putting fiscal measures in place to offset soaring oil prices. However, the ministers did acknowledge that other relief measures may need to be put in place and Mr Juncker indicated that these may include Brussels seeking to discourage speculative trading in oil.
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Eurozone rejects French proposals to cut fuel tax
- McDermott Will & Emery
- Daniel Kelly
- European Union
- June 6 2008
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