It has been more than three years that 11, now 10 EU Member States to be precise, have been debating the introduction of a Financial Transaction Tax (FTT). In October 2016, the Finance Ministers of the group of ten informed that they are aiming at a final decision on the FTT to be taken in December 2016. However, there are further delays. Currently there are plans to reach an agreement in 2017. Even at this point, it is still possible that the Financial Transaction Tax will be quietly buried.
Why we demand a FTT
As a result of the serious financial and economic crisis, the citizens of the European Union had to stretch themselves to the limit. Many countries reduced wages and pensions, cut social benefits and increased taxes. In contrast, the finance industry has hardly made a contribution to the costs of the worst financial and economic crisis of the past 80 years – in spite of the fact that the financial sector was the main source of the crisis and main beneficiary of the public funds.
A Financial Transaction Tax brings more tax justice. The aim of its implementation is to reduce financial transactions with sometimes highly speculative character such as the so-called high-frequency trading or the conclusion of derivative transactions.
Become active now!
We urge the Prime Ministers as well as the Finance Ministers of the 10 EU Member States (Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain) to bring the negotiations to a successful conclusion. The Financial Transaction Tax has to be implemented as quickly as possible.
If you fill in the form “support us”, we will send the following message to the Prime Ministers and the Finance Ministers of the 10 EU Member States and add your name at the end.
Prime Ministers/Federal Chancellors and
Federal Ministers of Finance
of the 10 EU Member States that negotiate the implementation of a Financial Transaction Tax:
I ask you to bring the negotiations on the Financial Transaction Tax to a successful conclusion at last and subsequently to implement it without delay. The realisation of Financial Transaction Tax as a sign for more tax justice is long overdue: So far the burden of the cost of the severe financial and economic crisis has above all been carried by the population. The population and voters would rate a failure of the negotiations as a new concession to the bank lobby and react negatively.
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