EFTA Document EFTA01449316

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax [Figure 5: Ex-Euro Area German exports have gained share 70,000 6014° 1 50.000 I 40,000 -I 20.000 -Euro-Area Non.EuroArea wpm German exports, -I -, Y mns. EUR Y Jan-93 Dec-95 Nov-98 Oct-01 Sep-04 Aug-07 Jul-10 SaMWDOOMftergatWOOKOrOV*LP 'Figure 6: Two ways of measuring the FTTs impact on German trade Fall in Maximum Estimated Impact* Basis Point Cost Direct tax on German exports, Direct