EU financial transaction tax 'madness': Cameron

The European Union's plan for a financial transaction tax is "simply madness", Britain's Prime Minister David Cameron said on Thursday.

"Even to be considering this at a time when we are struggling to get our economies growing is quite simply madness," Cameron said in a speech at the World Economic Forum in Davos.

Davos: Russia’s Central Bank views no break-up of the eurozone

The Central Bank of Russia views no break-up of the eurozone and neither considers significant changes to the composition of its reserves, First Deputy Chairman Alexei Ulyukayev told journalists in Davos.

“Experts say a recession in the eurozone is likely, although they do not view a possibility of renouncing the euro", he said.

Last time Russia disclosed its international reserves in May, 2011, showing that the Central Bank was holding 41% of its reserves in euros.

As of January 1, 2012, Russia’s international reserves stood at $498.6 billion.

Merkel opens WEF in Davos

Europe needs stricter budget discipline and more flexible policies to address the economic problems according to German Chancellor Angela Merkel, speaking on Wednesday at the opening of the World Economic Forum in Davos, Switzerland under the theme of "The Great Transformation."

Many problems are already being discussed but first and foremost is the financial crisis in the Eurozone.

This year the Russian delegation is headed by Deputy Prime Minister Igor Shuvalov.

The summit in Davos will be held from the 25th to the 29th of January.

The organizers expect the event will bring together a record number of influential politicians and businessmen and more than 2,600 people from over 100 countries.

(AFP, RIAN, Russia 24)

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