German Chancellor Angela Merkel said today that she favoured a financial transaction tax being introduced in the European Union or for the eurozone alone.

Speaking at a joint press conference with French President Nicholas Sarkozy, said said that she "personally" could imagine "such a tax at the level of the eurozone" only, after France voiced its readiness to go it alone.

Britain, which is not in the eurozone, is strongly opposing the proposed tax.

Malta has also voiced opposition.

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