FTT is a missed opportunity to create effective own resources for sustainable EU development and employment package
The European Movement International (EMI) welcomes the renewed commitment to a Financial Transaction Tax, and agreement to reach the “widest possible base”, as expressed in the Joint Statement issued on 27 January by the ministers of the Member States participating in enhanced cooperation on the FTT.
Despite this, the associated reduction in the Gross National Income (GNI) contributions of Member States from the original proposal represents a missed opportunity to provide the EU with proper additional own resources to invest in sustainable growth and recovery measures.
The European Movement has been calling for an effective FTT since 2011 to ensure that financial institutions contribute to the costs of the economic crisis, and this must remain at the heart of this proposal. Considering the lasting economic stagnation in the European Union, own resources should be used for investment aiding sustainable development and job creation.