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Wednesday, 22 September 2010

Growing coalition urges to move on a Financial Transaction Tax

A broad coalition calling for an European-wide Financial Transaction Tax (FTT) staged an action outside the meeting of EU Finance Ministers on the 7th  September, in Brussels. The group, made up of NGOs, political organisations and trade unions, called on EU Ministers to recognise the merits of an FTT, particularly as austerity measures begin to be felt throughout the EU.The coalition was concerned about the European Commission ‘non-paper’ tabled for discussion by Tax Commissioner Algirdas Šemeta and urged Ministers to dismiss its negative assessment. Whereas the EC document questions the feasibility of an FTT without giving detailed reasons, a leaked paper by the International Monetary Fund and leading economists do state this sort of tax is possible. The coalition staged an action to represent what is at stake, pitting greedy bankers against actors representing the developing world, workers in Europe and the environment. Some 200 billion Euros could be raised from an EU-wide transaction tax, according to the Austrian Institute of Economic Research. Campaigners believe that part of this money should support public services at home, fight overseas poverty and fight climate change.

Source: Solidar