The Europeans For Financial Reform (EFFR) coalition* urges G-20 leaders to make concrete progress towards the introduction of an internationally coordinated financial transactions tax (FTT) at the G20 summit in Seoul.

The Single Market Act presented by the European Commission on 27 October is a step forward, but not ambitious enough. Poul Nyrup Rasmussen, President of the Party of European Socialists (PES), stated: “I welcome the fact that the European Commission is finally taking steps to promote the completion of the Single Market, but I am concerned by the gaps between the interests of the economy and the interests of the people. Adopting a ‘Citizenship Report’ which outlines how citizens receive support in buying property in other EU countries or how to register their cars, does not address the real concerns of citizens: The social dimension in the Single Market Act is weak and it does not sufficiently answer the challenge of 23 million unemployed Europeans and 80 million living in poverty.”

“I welcome the European Parliament’s efforts in striking a compromise on the AIFM directive in the face of fierce lobbying. It has improved the original proposal of the European Commission, notably on depository liabilities and asset stripping. Hedge funds and private equity funds will now have to be more transparent on their investment strategies and on the use of leverage. I look forward to the European Parliament ratifying this deal on 11 November.

The conservative and liberal majority in the Employment and Social Policy Council (EPSCO), meeting on 21 October, has objected any progress on fighting unemployment and overcoming poverty.