EU Finance Ministers break deadlock on financial transaction taxes and now must deliver for the poorest

22nd Jun 2012

Today EU Finance Ministers, meeting in Luxembourg, agreed to drop the idea of an EU-wide European Financial Transaction Tax (FTT). Instead, Ministers proposed to move forward in taxing the financial sector with a group of pioneer governments.

Nicolas Mombrial, Oxfam's EU spokesperson, said:

"We're delighted that a coalition of willing countries has finally asked the UK and other blockers to step out of the way. Europe can finally move beyond talking, and has a real opportunity to introduce an FTT that will help to fight poverty and climate change.

"At next week's EU Heads of State Summit, as many governments as possible must join the French, Germans and other countries and show they're ready to put the interests of ordinary people before those of the financial sector.

"To gain popular support, a significant part of the revenues should go to people who have been hit hardest by the economic crisis in poor countries, as suggested by Presidents Hollande and Barroso this week. Using the proceeds of a new tax only for EU projects or to pay down deficits would be a betrayal of the millions who support a Robin Hood Tax."

Contact > Jon Slater 01865 472249/07876 476403/jslater@oxfam.org.uk

or Angela Corbalan + 32 (0) 473 56 22 60/angela.corbalan@oxfaminternational.org