Brussels, 19/10/2010
“However, the work by the Commission on the technical aspects of the project should not defer a policy decision to take coordinated action in introducing financial transaction taxes at EU level”, John Monks continued: “A global financial transaction tax is what we prefer. If it cannot be done in Seoul, we expect the EU Council of Ministers to go ahead with it at European level. An FTT at a rate of 0.05% could generate up to 200 billion Euros per year in revenues that could avoid harsh austerity measures and could be used for badly needed investments.”