European Parliament Backs Financial Transaction Tax in 11 Countries

Members of European Parliament attend a session at the European Parliament in Strasbourg, France, 12 December 2012. Photo by EPA/BGNES

The European Parliament has approved the proposal of eleven EU countries to introduce a financial transaction tax (FTT).

The European Parliament approved the resolution by 533 votes to 91, with 32 abstentions to introduce a financial transaction tax (FTT) in only eleven EU member states.

The 11 participating countries are Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain, which account for about 90% of eurozone GDP. The deal reached by the 11 members was agreed in October 2012.

MEPs have long advocated an FTT to make financial market players take more responsibility for resolving the crisis that they caused and to discourage excessive risk-taking in future.

They also stressed that the ultimate goal should still be a worldwide FTT, and urges the EU to continue campaigning for it.

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