The ETUC has consistently called for the adoption of an FTT as part of a package of alternative measures to fight the crisis. Rather than collective austerity and cuts, the European Union needs to focus on stimulating economic growth and creating quality jobs. The role of the financial sector in setting off the crisis must also not be forgotten. The introduction of an FTT would raise much needed revenue and contribute to regulating the financial markets.
Veronica Nilsson, ETUC Confederal Secretary, said: “This interim vote by the Economic and Monetary Affairs Committee demonstrates once again that MEPs are listening to European Citizens in their demands for such a tax. Meanwhile the Member States’ governments, who wasted no time in imposing austerity on their citizens, continue to drag their feet regarding the FTT which would be a start in ensuring that the financial sector also pays for the costs of the crisis .”