News
BackAt the start of 2013, it was decided by 11 EU Member States to implement the Commission Proposal on introducing a Financial Transaction Tax (FTT) by 2014. Since then, this plan has been strongly attacked by the financial industry and Great Britain. Together with trade unions, NGOs and political parties, AK and ÖGB have been fighting for a FTT at European level for years. The Europe-wide campaign is now entering into the next round. We urge the responsible politicians of the 11 countries to keep their promise and to implement the FTT at last!
History
On the one hand, the Financial Transaction Tax could help to effectively curb speculative transactions, whilst the financial sector would pay its fair share to ease the economic crisis, for whose outbreak it was largely responsible. For years, trade unions, NGOs and political parties have put out all the stops for the immediate implementation of such a levy in Europe. In cooperation with the Austrian Trade Union Federation ÖGB and other political organisations, the AK is fighting for an uncompromising introduction of the FTT within the scope of the coalition of the “Europeans For Financial Reform” (EFFR). It shall raise funds, which are particularly urgently needed in the crisis and at the same time contribute to the sustainable regulation of the financial sector.
In view of these many years of pressure by AK, ÖGB, its European allies and other civil-society campaigns, the European Commission came up with a proposal for Financial Transaction Tax in the European Union in autumn 2011. Tax matters lie in the domain of nation-states; hence the EU Council has to act unanimously in this matter and the European Parliament is not directly involved in the legislative process. In spite of this, the European Parliament has by a large majority symbolically come out in favour of a Financial Transaction Tax.
Opponents: Great Britain and the financial industry
In the EU Council, in particular Great Britain, but also Sweden and the Netherlands are vehement opponents of the Financial Transaction Tax. After long and tough negotiations early this year, 11 EU Member States decided to push through the proposal of the Commission by 2014 within the scope of a so-called “enhanced cooperation”. These 11 countries are: Austria, Germany, France, Italy, Spain, Greece, Portugal, Slovenia, Slovakia, Belgium and Estonia.
During the last weeks and months, the attacks by Great Britain and the financial industry against the “enhanced cooperation” have become fiercer. For example, the legal basis of the FTT was called into question by a debatable legal opinion of the Council’s Legal Service, which shows that the financial lobby leaves no stone unturned, using every means of propaganda, in its attempt to prevent the urgently required regulations of the financial sector.
Implement the FTT now!
However, the Commission has confirmed on several occasions that the legality of its proposal is beyond dispute. In a broad alliance of trade unions, NGOs and political parties, AK and ÖGB have now set up a new homepage, which is dedicated to the campaign for the introduction of a Financial Transaction Tax and which makes it possible to contact the responsible politicians of the respective 11 countries directly.
Everybody can vote online for the FTT and at the same time send a statement to the competent politicians, urging them to act at last! The 11 states of the “enhanced cooperation” must not bow to the pressure of the financial industry. We need a regulation of the financial markets to be able to curb speculative transactions, which have no social benefit, to the widest possible extent. Apart from that, it needs significant financial resources to enable the effective fight against poverty and unemployment in Europe.
The financial sector must pay its fair share for the crisis! Financial Transaction Tax now! Stick with it!
Sign the petition now on www.financialtransactiontax.eu
On the one hand, the Financial Transaction Tax could help to effectively curb speculative transactions, whilst the financial sector would pay its fair share to ease the economic crisis, for whose outbreak it was largely responsible. For years, trade unions, NGOs and political parties have put out all the stops for the immediate implementation of such a levy in Europe. In cooperation with the Austrian Trade Union Federation ÖGB and other political organisations, the AK is fighting for an uncompromising introduction of the FTT within the scope of the coalition of the “Europeans For Financial Reform” (EFFR). It shall raise funds, which are particularly urgently needed in the crisis and at the same time contribute to the sustainable regulation of the financial sector.
In view of these many years of pressure by AK, ÖGB, its European allies and other civil-society campaigns, the European Commission came up with a proposal for Financial Transaction Tax in the European Union in autumn 2011. Tax matters lie in the domain of nation-states; hence the EU Council has to act unanimously in this matter and the European Parliament is not directly involved in the legislative process. In spite of this, the European Parliament has by a large majority symbolically come out in favour of a Financial Transaction Tax.
Opponents: Great Britain and the financial industry
In the EU Council, in particular Great Britain, but also Sweden and the Netherlands are vehement opponents of the Financial Transaction Tax. After long and tough negotiations early this year, 11 EU Member States decided to push through the proposal of the Commission by 2014 within the scope of a so-called “enhanced cooperation”. These 11 countries are: Austria, Germany, France, Italy, Spain, Greece, Portugal, Slovenia, Slovakia, Belgium and Estonia.
During the last weeks and months, the attacks by Great Britain and the financial industry against the “enhanced cooperation” have become fiercer. For example, the legal basis of the FTT was called into question by a debatable legal opinion of the Council’s Legal Service, which shows that the financial lobby leaves no stone unturned, using every means of propaganda, in its attempt to prevent the urgently required regulations of the financial sector.
Implement the FTT now!
However, the Commission has confirmed on several occasions that the legality of its proposal is beyond dispute. In a broad alliance of trade unions, NGOs and political parties, AK and ÖGB have now set up a new homepage, which is dedicated to the campaign for the introduction of a Financial Transaction Tax and which makes it possible to contact the responsible politicians of the respective 11 countries directly.
Everybody can vote online for the FTT and at the same time send a statement to the competent politicians, urging them to act at last! The 11 states of the “enhanced cooperation” must not bow to the pressure of the financial industry. We need a regulation of the financial markets to be able to curb speculative transactions, which have no social benefit, to the widest possible extent. Apart from that, it needs significant financial resources to enable the effective fight against poverty and unemployment in Europe.
The financial sector must pay its fair share for the crisis! Financial Transaction Tax now! Stick with it!
Sign the petition now on www.financialtransactiontax.eu