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PES welcomes French President and Austrian Chancellor call for European Youth Guarantee funded by Financial Transaction Tax

The Party of European Socialists (PES) has strongly welcomed the calls by French President François Hollande and Austrian Chancellor Werner Faymann for a European Youth Guarantee. The two leaders, meeting in Paris yesterday, have said that the funding of the Guarantee scheme could be through a Financial Transaction Tax (FTT). This call follows on from the significant step yesterday (9 October) towards an FTT, as 11 Eurozone Member States agreed to push for the tax through ‘enhanced cooperation’.

The French and Austrian leaders have called for a percentage of the FTT to help establish a "fund for education" within the EU budget.

Welcoming the call, PES President Sergei Stanishev stated that; “Today’s declaration of support for a European Youth Guarantee, by President Hollande and Chancellor Faymann, is a great advance for Europe’s youth. It shows that the commitment of the Party of European Socialists (PES) to helping young people overcome the scourge of unemployment is at the highest level of importance. Advocating the use of the Financial Transaction Tax to fund this Youth Guarantee is strongly supported by the PES”.

Mr. Stanishev added that; “this announcement is a clear sign that coordination within our political family is working well, and that the PES is clearly focussed on the needs of the millions of ordinary people who have suffered from the economic crisis”.

Today’s announcement is another success for the PES campaign for a European Youth Guarantee, and follows on from the recent commitment by Irish Social Protection Minister, Joan Burton, to make the establishment of a European Youth Guarantee a priority when the Irish Government takes up the EU Presidency next year.

The President of the European Parliament, Martin Schulz, and the PES General Secretary, Achim Post, will join Chancellor Faymann at the Austrian Social Democratic Party (SPÖ) conference in Vienna this Saturday (13th October).

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