The EU financial transaction tax reaches a new stage

Anni Podimata Financial transaction tax FTT

S&D Euro MPs welcomed progress on the financial transaction tax following the meeting of EU finance ministers today in Brussels.

S&D Group leader Hannes Swoboda said:

”The Socialists and the Democrats note EU finance ministers' commitment to reach a final decision on the financial transaction tax by the end of this year.

“Despite several delays and legal and technical obstructions the financial transaction tax (FTT) is still alive. We are almost there. We regret, however, that no clear decision was taken before the European elections.

“We hope that the final design of the FTT will be ambitious and strong enough to be a useful tool in the fight against speculation on the financial markets.  The Socialists and Democrats will continue the fight in the newly elected European Parliament”.

S&D Euro MP and rapporteur for the European parliament Anni Podimata added:

“The Socialists and Democrats have led the battle for the introduction of a financial transaction tax in the EU.

“For us, it is a matter of social justice. The financial sector must also bear the costs of the financial crisis they have provoked.

“The revenue from the FTT could finance investments and help stimulate growth and job creation in Europe”.