S&Ds issue a last minute appeal for a strong FTT

"EU Commission should fully utilise EU state aid law as the ultimate weapon against tax dumping", say S&D MEPs

S&D Euro MPs today called on European finance ministers to overcome their differences in order to secure a deal on the introduction of a financial transaction tax (FTT) during their meeting tomorrow in Brussels. The FTT project involves 11 EU countries: France, Germany, Spain, Italy, Belgium, Austria, Portugal, Greece, Estonia, Slovakia and Slovenia.
 
S&D Group spokesperson on economic and monetary affairs, Elisa Ferreira, said:
 
"This week’s European finance ministers’ meeting is probably the moment of truth for the FTT. We hope that the 11 finance ministers involved will be able to overcome the final hurdles and reach an agreement on the broad design of the FTT. 
 
"We need an ambitious and a strong financial transaction tax. The FTT needs to avoid any large exemptions for financial actors or specific markets in order to minimize the risk of tax avoidance. Only a strong FTT will generate significant revenues that could be invested in the real economy and boost the EU recovery".