Do not Scuttle tax on financial transactions

The discussion on the adoption of the tax on financial transactions (FTT) has been removed from the agenda of the last meeting of Finance Ministers of the European Union (ECOFIN) on 22 May, at the request of the La France.

During the presidential campaign, Emmanuel Macron has refused to label former banker and finance candidate. Barely elected, it nevertheless provides another victory to the big banks, headwind against a measure whose objective is to fight against speculation in the heart of their business.

We deeply regret the obstruction that scuttled the result of over three years of negotiations, as one of the stated objectives of Macron is to strengthen European cooperation.

The agreement was in sight for the adoption of the draft Directive on the FTT, negotiated within the framework of enhanced cooperation between ten European countries, including Germany, Italy and Spain. This project is supported by most NGOs and a majority of European citizens, as shown by the investigations (1).

Besides the fight against speculation, this tax should help finance the energy transition. Former President Hollande had proposed that the revenue from this tax, estimated at about 35 billion euros, is partly used to replenish the Green Fund to help developing countries fight against global warming they are the main victims.

To take advantage of Brexit, the financial centers of Paris and Frankfurt looking to take market share in the British City. One of their weapons in the battle to take advantage of Brexit is to organize a real fiscal dumping, for the benefit of large banks. If Emmanuel Macron did fail the proposed FTT, clearly fall the mask of a president to serve the financial industry, not the public interest.

With the majority of European citizens in favor of the FTT, we refuse to be sacrificed on the altar of finance, on the one hand, the fight against speculation, the source of the financial crisis, and secondly, the fight against climate change in the countries of Sud.Nous ask that France adopts the agreement prepared by Austria at the next Ecofin EU summit in June.

(1) According to a survey commissioned by Oxfam and conducted by Research Now in October 2016 with a panel of citizens in Europe, 73% of them are in favor of the rapid adoption of the FTT. 86% believe that the financial sector should bear the costs of the financial crisis.