Oxfam welcomes European Commission paper on taxing the financial sector

Elise Ford, Head of Oxfam’s EU office, said:

“Today marks a real turning point, a victory for people over profits. It’s really good news that the European Commission wants to push for a tax on financial transactions at global level to raise money for development and climate change. But the big news today is that the Commission wants Europe to move unilaterally on a tax on financial activities, which would definitely also mobilize tens of billions of euros to tackle these pressing international challenges.” 

“Taxing big finance is both just and economically sensible, reducing dangerous casino capitalism and raising big amounts of money to help those hit hardest in Europe and in the poorest countries”.

“EU leaders must now sign on the dotted line when they meet at the end of the month and push for a speedier timetable for action than summer 2011, as proposed by the Commission.”

Read the EC report (pdf)

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