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Article in favor of the Financial Transaction Tax




During last weeks the Financial Transaction Tax is being attacked by the financial sector. The media campaign and lobby that the 11 EU member states who compromised to implement the FTT in 2014 through the Enhanced Cooperation Procedure, are suffering, casts a doubt on their willingness to effectively implement it. In parallel, the issue of the use of funds is still on the table.

Last Friday 14th of June, and thanks to the UBUNTU Forum initiative, the Spanish newspaper La Vanguardia published a joint op-ed from the German Federal Minister of Economic Cooperation and Development, Dirk Niebel; Belgian Minister for Public Enterprises and Development Cooperation, Jean Pascal Labille; and French Deputy Minister for Development under the Minister of Foreign Affairs, Pascal Canfin. The op-ed shows the compromise of these three governments in favour of the tax, not only for its implementation, but also to use part of the collected revenues to development need and the fight against the climate change. In a context in which the FTT is challenged by the financial sector and some EU member states, initiatives such as this op-ed serve to defend an idea that could contribute to make a better world and, especially, to regulate the financial sector.

As the Ministers defend, from the UBUNTU Forum we believe that we are in front of an historical opportunity that we cannot let it pass. Therefore, we ask to the rest of EU governments to explicitly compromise with this initiative.