Germany's government has approved a draft law imposing a levy on banks to cover the costs of any future financial crisis.

The government hopes the bill will gain parliamentary approval before being passed into law in the new year.

The levy should raise about 1bn euros ($1.3bn; £800m) a year.

The UK and France have already committed to introducing bank levies, but so far, there has been no agreement on a global tax.

The leaders of Europe's three biggest economies argue that taxpayers should not be expected to foot the bill for any future financial crises.