Published 06/10/16   5:16 pm

250+ experts call on European finance ministers to seal the deal on the FTT

With negotiations for the world’s first regional financial transactions tax “99% done” (according to Austrian Finance Minister Hans-Joerg Schelling), more than 250 economists and academics are calling on the 10 finance ministers involved in the talks to finally seal the deal on Monday.

Representing 23 countries, the signatories have written to the leaders and finance ministers of Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain urging them to ‘make history by implementing the FTT now’, arguing that it is “technically feasible and economically and socially desirable”.

The European FTT campaign makes it clear that any further delays to talks that have lasted five years would be unacceptable. After more than a million actions backing the idea last year, and 6,000 organisations representing 140 million people demanding a resolution that benefits people and planet, there is no more time to waste.

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To the Heads of State and Finance Ministers of Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovenia, Slovakia and Spain negotiating the Financial Transactions Tax

We write to you as the call for a Financial Transactions Tax (FTT) gathers pace in Europe with negotiations close to conclusion for a historic FTT agreement by your 10 countries.

The FTT is an idea that has come of age – an important tax for the 21st century. Following the recent economic crisis, the FTT brings greater resilience and stability to financial markets by reducing speculative activity. It provides greater oversight to tax authorities. And it will raise substantial revenues for urgent use in creating jobs and protecting public services at home and expanding international commitments to support poor countries on health, education and clean water, and to tackle the negative impacts of climate change.

At low rates of a fraction of 1%, the tax is one that the financial sector can afford. Given the automation of payments, the FTT is extremely difficult to avoid. It is technically feasible and economically and socially desirable. It is morally right.

Boosting government income with FTT revenue is urgently needed both domestically and internationally. After so many years of negotiation, an agreement is surely overdue. We call on you to make history by implementing the FTT now.

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To see who’s signed, click here.

 

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