Democrats stand up for a Financial Transactions Tax and resist business fear!

(Press release - 18 February 2014) We might soon find out whether the 11 pro-FTT EU governments* will support an ambitious, effective FTT or a mini FTT as recently introduced in France and Italy.

A year after the publication of the draft directive for a Tax on Financial Transactions (FTT), the Franco-German summit on 19 February is expected to give strong indications as to the future shape of the most popular EU tax proposal.

Against a background of hectic anti-FTT lobby from the banks and business, a group of French and German Socialists, Greens and GUE MEPs**, alongside the ETUC, Oxfam, Attac, and WEED, held a press conference on 12 February to reiterate their support for the swift adoption of a broad FTT.

Strong calls were expressed towards Socialist French Economy Minister Mr Moscovici to not give in to the financial sector and employers’ organisations who seek to exempt lucrative derivatives from the scope of the tax. These followed on a joint letter by Austrian S&D group leader Swoboda and Greek FTT rapporteur Podimata urging the 11 FTT governments to not water down the tax supported by an large majority in Parliament.
French President Hollande, in a letter last December to the French trade unions, the ETUC, ITUC and TUAC, had expressed his support for a quick implementation of the EU FTT with a broader base than the French FTT. However, it remains unclear as to how “broad” the FTT will actually be.

Ahead of the Franco-German summit on 19 February, EPSU calls upon its affiliates to continue expressing support for a broad FTT whose income should finance investment in social policies and public services in and outside Europe. The scope should include all financial assets including all derivatives.

Business organisations need not fear a FTT. Its regulatory anti-speculative effect will contribute to a stronger and safer Euro area which the French and German employers actively promote. Ahead of the European elections, Mrs Merkel and Mr Hollande should not be impressed by scare mongering tactics, but simply deliver long overdue, popular promises.. ” says EPSU General Secretary Mrs Fischbach- Pyttel.

Sign the webpetition for a FTT now! and check updates @

See statement->] by PSI General Secretary Rosa Pavanelli

Also see [letters to French, German, Austrian, Spanish and Italian governments
signed by 300 organisations including PSI, EPSU and the ETUC

For more information: [Pablo Sanchez->] 0032 (0) 474 62 66 33

* Austria, Belgium, Estonia, France, Germany, Greece, Spain, Italy, Portugal, Slovenia and Slovakia.

** Gilles Pargneaux (S&D, France), Liêm Hoang-Ngoc (Greens-EFA, France), Udo Bullmann (S&D, Germany), Sven Giegold (Greens-EFA, Germany), Marie-Christine Vergiat (GUE-NGL, France)

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