Commissioner Šemeta: There is huge momentum behind the idea of a financial transactions tax (FTT) that cannot be ignored

08 November 2011

Šemeta stressed that fairness is at the very core of the Commission's FTT proposal. The financial sector was largely responsible for the crisis, it benefited from considerable support from governments and taxpayers, and yet it is paying proportionately less tax than other sectors.

"A financial transactions tax would redress this imbalance and, in some way, help restore people's shattered confidence in the financial sector.

"Some may ask whether the Commission feels the need to reconsider its proposal on the basis of last week's G20 Summit. The answer is categorically: No. The Commission expressed hope that there would be a global financial transactions tax - but never made its proposal dependent on this. One message that emerged strongly from Cannes last week was that an FTT at regional level is feasible, and I have always said that, even applied only at EU-level, this proposal for an FTT has countless benefits to offer.

"In the meantime, the Commission will continue to support the Presidency and the Council in working towards an agreement amongst Member States on what I see as a well-designed and very workable proposal for a financial transactions tax here in the EU."

Full speech

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