EPSU Joins Civil Society Calling on European Leaders to Keep Promise To Tax Banks

Time is running

(17 May 2016) A massive coalition of organisations, representing 140 million European citizens, is demanding that Heads of States and Finance Ministers keep their promises and agree an ambitious financial transactions tax (FTT) in June.

10,000 civil society organisations and trade unions, including EPSU and the ETUC,  from 39 European countries have signed a letter to launch the Time is Now campaign urging leaders not to give in to financial sector pressure that threatens to derail the initiative.

Ten European states are on the verge of an historic deal which will finally make the banking sector pay for the crisis they caused.

The Time is Now campaign is calling on leaders not to miss this unique opportunity to seal a deal that could generate billions in revenue. Income from an FTT could not only create jobs and protect public services across Europe but also combat extreme poverty and the effects of health pandemics and climate change around the world.

Pressure is now on European Finance Ministers to make a decision on the hugely popular FTT at their meeting (ECOFIN) in Brussels on June 17. Heads of State now have the chance to send out a strong message and put the welfare of Europe’s citizens – along with the world’s poorest people - ahead of the interests of the financial sector.

If ministers fail to agree a deal, it will have shown that the finance sector can buy the decision making process. We cannot allow banks to write their own rules.

Crucially, an FTT would provide tax authorities with a clearer picture of the ownership of financial assets. Coupled with other anti-tax avoidance measures that EPSU is campaigning for, like public country-by-country reporting, the FTT would be an important tool in the fight against tax dodging.

 You can read the full letter below. Most importantly, contact your government and tell them why the time is now for a Financial Transactions Tax.