Summit urged to give commitment to financial transaction tax

S&D Euro MPs today renewed pressure on the European Commission and Council for a tax on financial transactions to curb speculation, improve transparency and increase budget revenues. They called for clear commitment from next week’s special EU summit.

Group spokesman on economic and monetary affairs, Udo Bullmann, said: “It is urgent for the EU to take a firm decision. The tax can be introduced quickly and easily. The summit must clear the way.”

Greek Socialist Anni Podimata, author of a report on innovative financing, said: “The Commission’s sceptical and confused approach – along with hesitation by the ECOFIN Council – amounts to failure to provide the EU with a fair way out of the crisis.

“A one-sided austerity strategy that puts the cost of the recovery mainly on member states and European citizens rather than the institutions that have largely caused the crisis, is not fair burden-sharing. It does not respond convincingly to speculation against national economies and countries and it does not help to finance growth and job creation policies.”