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Childers welcomes renewed momentum towards Financial Transactions Tax

Press Release

Tuesday 27 Jan 2015

Nessa Childers, MEP for Dublin, welcomed today’s announcement of renewed talks among the European finance ministers who support the introduction of a cross-border tax on financial transactions.

Spearheaded by Austria and France, the talks could lead to the taxation of financial dealings from the start of next year.

Speaking from Brussels in advance of a meeting between progressive members of the European Parliament and the French finance minister, Ms. Childers said:

“We voted this legislation through in European Parliament back in 2012, and ever since it has been stalled by member states’ governments.

“If we get to apply a low but broad-based tax on financial transactions we can help dampen speculative moves that actually harm the real economy.

“With FTT we can start clawing back a modicum of revenue from a sector that broke the taxpayers back, and did lasting damage to the European economy.

“Because you need unanimity to approve new rules on taxation in the EU, Member State governments which have long been overawed by the financial sector, such as those of Ireland and the UK, have forced a hard-core of countries to press ahead on their own.

“This new approach proposed by Austria and France will see the talks steered forward in a continued fashion and any progress agreed upon and reported officially.

“Other Member States beyond the initial eleven have been signalling their willingness to join the FTT group once the scheme comes into operation.

“I hope the Irish government will see past the financial lobby and acknowledge its value for the real economy.”