28 September 2011
The European Trade Union Confederation (ETUC) welcomes today’s proposals of the Commission for a financial transactions tax for Europe.
Bernadette Ségol, ETUC General Secretary said: “This is a major step towards meeting a demand that the European trade union Movement has been pressing for a long time and vindicates our efforts. We, together with affiliates, shall continue to work to ensure that this initiative is accepted by all Governments across Europe. A Financial Transaction Tax (FTT) will help crack down on speculation and on the high frequency, algorithm-driven share trading that has led to flash crashes and market volatility. It will make the financial sector pay a fairer share of the costs of the financial crisis that it caused. We will examine carefully further expected proposals about how the FTT revenues can best be used for the common good, particularly sustainable investment”.