PES - Party of European Socialists : Implementation of Financial Transaction Tax approved by EU Finance Ministers

The decision today by EU Finance Ministers to approve the implementation process for the financial transaction tax was warmly welcomed by the Party of European Socialists.

PES President Sergei Stanishev stated: 'Thanks to the unstinting efforts over the last four years of the Party of European Socialists (PES) to secure a Financial Transaction Tax, today marks a significant step in redressing some of the injustices of the financial crisis. Five years after the crisis first rocked global markets, we have a tax that directly targets the speculators whose greed had such catastrophic consequences".

Mr. Stanishev added that; "All Member States in the EU should take note of this positive step and remember that ordinary citizens still expect those who caused the crisis to become significant financial contributors to the solution".

The PES President stated that the onus was now on the European Commission to immediately table an updated legislative proposal on the implementation of the FTT.