economy and finance
PES campaign - Financial Transaction Tax
The PES has been at the forefront campaigning and supporting the implementation of this progressive tax since 2010.
On 22 January 2013 the Council adopted a decision authorising eleven member states to proceed with the introduction of the FTT: Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain.
After a hesitating start of the negotiations, the French-Austrian initiative to take the lead on the negotiations has restored the resolve of the Group of 11 to have a FTT implemented by 2016.
The PES is committed to see the negotiations through and will continue to be a key driver of the process.
What is it?
The FTT is a tax levied on all financial product transactions; every time a financial product is bought or sold, a very small proportion of its price (0.05%) is collected.
By applying a FTT in Europe:
- up to €200bn per year would be collected
- speculation would be discouraged
- the ones who caused the crisis and were bailed out would pay for the damage they caused
Cheap and easy to implement
Financial transactions are done electronically so a FTT is easy and cheap to collect: all fees and transaction costs are levied directly. As simple as adding a line of computer code.
More than 1000 PES members of parliament have called for a FTT to be implemented