Tax on Financial Transactions: ETUC welcomes the Commission's new proposal

Brussels, 18/02/2013

The European Trade Union Confederation (ETUC) welcomes the Commission’s decision to introduce a tax on financial transactions (TFT). This tax will help discourage financial speculation and identify new sources of revenues for countries that need them.

Bernadette Ségol, ETUC General Secretary: “ETUC has long called for such a TFT to be introduced. That is why we are delighted with the Commission’s proposal for a directive. The TFT can help clamp down on speculation. The implementation of this tax would actually mean substantial reductions in speculative capital movements in the very short term, as well as a drop in orders to buy and sell derivatives. Furthermore, we hope that this tax will generate revenues that will help budgets in distress. It is important for governments to be able to increase their financial margins of manoeuvrability in ways other than on the back of workers. We are calling for the TFT to be an instrument of social justice.