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European Action Day for a Financial Transaction Tax (FTT) big success with over 50 events across the continent

“Just like a tax of 0.05% on transactions, today’s events show that it doesn’t matter if the action is small - it all adds up“, so said Poul Nyrup Rasmussen, President of the Party of European Socialists (PES). Mr. Rasmussen was congratulating the PES activists who staged over 50 events across Europe, on Saturday 24 April, to promote growing calls for a Financial Transaction Tax (FTT).

 

He added that; “Whether our call for a Transaction Tax was a political rally in France, a major conference in Berlin, Election campaigning in London, or simply handing out info on the FTT in front of a failed Bank as they did in Dublin, each action adds up”. The PES President outlined that the principle for the FTT is exactly the same; “It works very simply. Every time a financial product is bought or sold, a very small proportion of its price (0.05%) is collected as tax. The tax is on bankers only, not on ordinary people”. It is estimated that the FTT could raise 200 billion Euro per year in Europe alone. The Action Day is a coordinated call for the G20 summit in Toronto on 26-27 June, to have a Financial Transaction Tax on the Agenda.

Live news feed of events happening across Europe!

The Action Day was held as the International Monetary Fund (IMF) issued a draft report on how the banks can start paying back for the damage the crisis has caused. The report, to be used by G20 leaders in the run up to Toronto, will be supplemented by a further IMF paper on the merits of an FTT. The PES will call on EU decision makers, to take the lead on the issue, including drafting an EU position on FTT as already overwhelmingly called for by the European Parliament”.

For general background information please contact Brian Synnott (PES media adviser) at +32 474 98 96 75 or brian.synnott@pes.org

 

Media Information:

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24 April story on Action Day :

France: Mouvement pour taxer les flux financiers (Le Figaro) 
Germany: Antrag eingereicht: SPD-Ratsfraktion fordert Steuer gegen Spekulationen(Echo-Muenster)
Italy: Crisi: PSE propone tasa 0,05% per banche su transazioni (Radio Capital)

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