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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. 

 

 

 

The draft of the PS was proposed for a parallel debate with the German parliament which will take place on June 8th. 

 

The text praises Sarkozy (which was of course not in the PS draft) for his commitment to the FTT "together with the German chancellor and government."



The resolution recommends "to present together with our European partners a draft legislation for the implementation of financial transaction tax at the latest at the first meeting of the EU council in automn, which contains the following elements:

 - a tax of 0,05% on all financial transactions; 

- with as tax basis all transactions on exchanges and OTC, comprising stocks, bonds and derivatives, as well as currency transactions;  

- attribution of the tax revenues to the national budgets;

- such a draft legislation should be presented at European level, or, if this should not be possible, in the Euro-zone or by a group of member countries;" 

 

The revenues should be used for "innovative finance, particularly for development and the struggle against climate change, which is a priority of the French G20 Presidency and a precondition for success of the next world summit on climate in South Africa."

 

The initial draft of the PS wanted to use the revenues for the general budget.

 

Although it is not clear, whether the PS will for tactical reasons accept a text which praises Sarkozy, the draft of the UMP is a signal, that the French government has now the cornerstones of a concept and is willing to promote the FTT together with the Germans and other partners.

 

The French original of the text can be found at: 

http://www.assemblee-nationale.fr/13/ta-commission/r3456-a0.asp

 

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