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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 their interesting conclusions

Read the reaction of Europe's financial sector to the newest proposals ...

In an official declaration of the German Finance Ministry, secretary of state Mr. Koschyk welcomed the proposal of the EU-Commission for a European  tax on financial transaction.
 

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.

See the press statement

14 June 2011: Trade unions and civil society allies are calling on this week’s UN climate meeting in Bonn to endorse a financial transactions tax to help meet the cost of action against climate change.

 

The German campaign for the FTT (Steuer gegen Armut) had a meeting in the finance ministry with Hartmut Koschyk, deputy of finance minister Schäuble, on the 10th of June.  
 
On the proposal of Koschyk, we also met secretary of state Hans Bernhard Beus, who is head of the tax department in the finance ministry. 
 

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.

Read ...

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. 

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