News

The idea of introducing a Financial Transaction Tax (FTT) has recently become a subject of interest amongst politicians, both at European and global levels.



In the context of unprecedented levels of public deficits, workers and their families risk paying twice the price of the current crisis: first through higher unemployment rates and falling incomes but also, as a result of cuts in public expenditure, through reduced access to social services and rising inequalities.



The implementation of a tax on financial transactions would allow a fairer burden-sharing of the crisis and permit the economy to follow a much more stable an sustainable growth path, as it would:

- Dampen short-term speculation, irresponsible behaviors and thus, the economic instability;

- Provide governments with substantial revenues.



On 10 March 2010, the European Parliament adopted a resolution urging the European Commission to elaborate an impact assessment and a common position on a global FTT to present to the G-20 in June. This resolution was approved with 536 votes in favour, 80 against and 33 abstentions. It provides that if a worldwide tax proves unachievable, the EU could consider the option of going it alone. The FFT could thus be a new tool for the European Union to regulate financial services in order to ensure that the current crisis would never happen again.



Defending and promoting a fair and sustainable financial system, UNI Europa is highly concerned by the introduction of an FTT and will develop its views during the next Executive Committee.