At their meeting in Paris yesterday, the G20 Finance Ministers did not agree on the introduction of a Financial Transaction Tax at global level. Next week, the European summit will discuss on the possibility of an FTT at European level.
However, as the Independent writes: 'A statement by G20 finance ministers meeting in Paris warned that an EU summit next weekend must agree a long-promised package of new measures to calm markets and prevent the crisis spreading by "contagion"...'
On September 27, the G20 Ministers of Labour and Employment met in Paris and demanded active employment policies and a strengthening of social protection.
Read the reaction of Europe's financial sector to the newest proposals ...
But at the same time Koschyk clearly spoke out against the idea to use the tax revenues for the EU budget: "If a financial transaction tax is implemented in the EU, the revenues of this tax must go to the national budgets."
After 1,5 hours of heavy debate, the resolution on the FTT has been approved in
the Belgian senate, with 34 pro, 5 against, and 14 abstentions. As said, the
resolution calls for an FTT in the EU or eurozone, without waiting for global
agreement, and asks the money to be spent on development and climate change -
basically the requests of the parliamentary declaration have been taken over.
In its financial perspectives for 2014-2020 - the multiannual budget - the European Commission proposes to improve its system of 'own resources' introducing a financial transaction tax.
In its vote on June 8 2011, the European Parliament made its proposals for the new multiannual Financial Framework for the European Union. Once again, it calls for the introduction of an FTT in order to contribute to the own resources of the Union. See paragraphs 170-177.
Furthermore, in a chapter which should have been called 'development cooperation', it only talks about 'poverty alleviation' ... see paragraphs 113 and further on.
In the Commission for Finance and the Commission for European Affairs of the French Parliament the party of Sarkozy (UMP) has taken up the draft resolution of the Socialist Party (PS) on the FTT with some changes.