Socialists win big European Parliament vote on Financial Transaction Tax and Eurobonds

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PES President calls it a ‘massive vindication’ of our progressive economic strategy

Today, Anni Podimata MEP and the socialist and democrats (S&D) group in the European Parliament achieved a big victory on the economic direction that the European Union should take. Despite last minute attempts by the European Peoples Party (EPP) to remove key proposals on FTT and Eurobonds, the Socialist group stood firm and won the vote.

Anni Podimata’s report on “innovative financing at global and EU level” calls for the introduction of a European tax on financial transactions (FTT), a fair tax on the financial sector that would raise €200bn a year, leave ordinary citizens unharmed and impose a fair burden-sharing of the cost of the financial crisis on those who caused it in the first place. The report also makes significant progresses on the issue of Eurobonds, which are instruments that could translate the concept of European solidarity into hard policy, and provide a lasting answer to the euro zone crisis.

PES President, Poul Nyrup Rasmussen called the vote; “a massive vindication of our progressive economic strategy”. He added that; “This vote gives further momentum to the economic direction the Socialist leaders decided in Athens last weekend. Our Member Parties have already made a commitment to push for Eurobonds and campaign for a European Financial Transaction Tax. Today’s vote represents a clear rejection of the Conservative ‘Austerity only’ approach to economic governance. Today, the credibility of our economic alternative should be clear to all”.

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