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EU leads the world on financial transactions tax

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Tuesday, 04 October 2011

EU leads the world on financial transactions tax

S&D Euro MPs welcomed the European Commission's proposal to create a financial transaction tax in the EU for which they have been campaigning for months.

Said S&D spokesman for economic and monetary affairs, Udo Bullmann and Anni Podimata, author of the European Parliament's report on this issue: "The introduction of a financial transaction tax has been a long standing demand of our group. We have never given up the battle despite the Commission's clear reluctance until now to act. We welcome its decision to respond to our call and present a legislative proposal. It is time that the speculators who caused the crisis bear their share of the burden. We are pleased that the tax will specifically target the most speculative financial products including transactions carried out off-exchange.

"The news that they will speed up the introduction of the tax so that it takes effect in 2014 instead of 2018 is particularly welcomed. By its action, the EU is giving much needed leadership to the rest of the world on this question. We are confident that concerns about the tax impact on competitiveness will prove to be unfounded - and we are convinced that other countries around the world will quickly follow the example given to day by the EU. We urge the European Commission to stand firm and ensure full implementation of a financial transaction tax on which our full support is guaranteed."