French President Nicolas Sarkozy continues to use France’s presidency of the G8 and G-20 to press his case for a financial transactions tax. The proceeds of the tax would purportedly be applied to environmental and development projects, while providing a disincentive for excessive financial speculation. The United States remains strongly opposed to the proposal, but following a recent meeting of finance ministers and central bank governors from G-20 nations in Paris, French Finance Minister Christine Lagarde indicated that the idea has some support from Germany. Such a tax, if not adopted concurrently across the G-20 countries, could have a disproportionately chilling effect on those countries that elect to impose it. Nevertheless, Mme. Lagarde appeared determined to show France’s resolve in support of the fiscal policy, saying in a recent television interview that, "[N]o matter what, along with other countries that are willing, we plan to put into place financial taxation."