Financial Transaction Tax – an opportunity for smart funding for smart development aid

A majority of EU Finance Ministers have backed plans for 11 EU member states, including France and Germany, to press ahead with a common tax on financial transactions.

In reaction, Eloise Todd, Brussels Director of ONE said:

“Today’s decision to get a common Financial Transaction Tax off the starting blocks in Europe is a great opportunity to find extra resources for development aid.

“France is ahead of the game as a percentage of its existing national FTT revenues are already ring-fenced for development.  Germany’s development minister Dirk Niebel has also spoken in favour of the idea – but his words now need to be turned into actions.  All countries signing up to the EU FTT must ensure the poorest in the world benefit.”

Notes to editors:

  • List of countries that have officially announced plans to introduce the EU FTT: France, Germany, Belgium, Portugal, Austria, Slovenia, Greece, Spain, Italy, Estonia and Slovakia.
  • According to the German Institute for Economic Research (DIW), an FTT levied in these 11 countries could yield €37 billion per year.  http://www.diw.de/documents/publikationen/73/diw_01.c.405812.de/diwkompakt_2012-064.pdf
  • Following the vote, the European Commission will propose a new directive based on its initial proposal for a pan-EU FTT.  The member states involved will then iron out the details such as the types of transaction covered (shares, bonds and derivatives), the tax rate, the model of tax collection and allocation.

ONE is a global advocacy and campaigning organisation backed by more than 3 million people from around the world dedicated to fighting extreme poverty and preventable disease, particularly in Africa. For more information please visit www.ONE.org

For further information or to arrange an interview with Eloise Todd please contact Dudley Curtis on +32 485 379945 or [email protected]

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