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PES President strongly welcomes the recent developments towards a Financial Transaction Tax

The Party of European Socialists (PES) strongly welcomes the recent developments towards a Financial Transaction Tax. The French-Austrian command of the working group was successful in boosting the 11 Member States to move ahead with this crucial measure to reduce speculatory behaviour in the financial markets and creating a new source of revenue for Member States.

Following the FTT Working Group meeting on the 3rd of March, PES President Sergei Stanishev stated that; "we welcome the French-Austrian initiative to take the lead on the negotiations and the resolve of the Group of 11 to have a Financial Transaction Tax implemented by 2016. The PES is committed to see the negotiations through and will continue to be a key driver of the process".

Mr. Stanishev added that; "the Financial Transaction Tax has been a flagship policy for the Party of European Socialists for the last 6 years. We strongly support the developments taking place in the group of 11 with the initiative of french Finances Minister Michel Sapin".

List of 11 member states: Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia.

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