• Socialist government plans windfall tax on big businesses • Analyst: France choose ‘tax-based retrenchment’ • Germany hit by euro services slowdown • Christine Lagarde: not in the mood to renegotiate • Today’s agenda 3.38pm: The press conference between Mario Monti and Angela Merkel starts soon in Rome – it’s being streamed online here (although the feed just froze for me). 3.31pm: Financial markets are particularly quiet this afternoon because Wall Street is closed for Independence Day (plus half of the City is watching Barclays’ ex-CEO Bob-bing and weaving in parliament).

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