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PES campaign - Financial Transaction Tax

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After a four-year campaign, EFFR organizations have succeeded in putting a Financial Transaction Tax (FTT) on the EU agenda.

Last December, the European Parliament has voted by an overwhelming majority in favour of an "enhanced cooperation" on an FTT. On 22 January 2013 the Council adopted a decision authorising eleven member states to proceed with the introduction of the FTT: Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain. 
The Commission will now make a proposal defining the substance of the enhanced cooperation, which will have to be adopted by unanimous agreement of the participating Member States before the FTT is implemented. 
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What is it?
The FTT is a tax levied on all financial product transactions; every time a financial product is bought or sold, a very small proportion of its price (0.05%) is collected.

By applying a FTT in Europe:

  • up to €200bn per year would be collected
  • speculation would be discouraged
  • the ones who caused the crisis and were bailed out would pay for the damage they caused

Cheap and easy to implement  
Financial transactions are done electronically so a FTT is easy and cheap to collect: all fees and transaction costs are levied directly. As simple as adding a line of computer code.

More than 1000 PES members of parliament have called for a FTT to be implemented

FTT leaflet

 

Europeans for Financial Reform (EFFR)

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The PES is working with Europeans For Financial Reform to establish a FTT. EFFR is a coalition of progressive forces, including: the Global Progressive Forum (GPF), ETUCITUC,UniGlobal UnionSolidar, the Global Progressive Youth Forum and the Foundation for European Progressive Studies (FEPS).

 

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The EFFR also collaborates with the 'Robin Hood Tax', a platform advocating taxes on the financial sector in the UK.

Actions:

The PES organized a European Action Day for a FTT on 24 April 2010.

Other actions included:

FTT news        Other videos and photos        Documents

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