Brussels, 01/07/2011
The European Commission presented yesterday its proposals for the Union's next multiannual budget. In this draft budget, the Commission expresses for the first time its support for the idea of a financial transaction tax. Its aim is to secure by means of this tax a large share – some 30 billion euro per year – of the Union's own resources.
ETUC General Secretary Bernadette Ségol commented: "We welcome the Commission's declaration in favour of a financial transaction tax. We have defended this idea for a long time and we are extremely pleased to see that this tax is finally being recognised as a credible source of financing. However, debate on the FTT must continue independently of the debate on the European budget. The financial transaction tax is also a necessity for a public investment policy."
The creation of a financial transaction tax must therefore not be linked solely to the European budget. It should also serve to combat speculation and to support investment policy. If this principle is respected, the FTT would contribute to increasing the European budget and give fresh impetus to economic recovery.