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Agreement on a regional Financial Transaction Tax could restore Europe’s financial sector


George Papandreou
President of the Socialist International


The decision taken on January 22 by 11 EU member states at the EU’s Economic and Financial Affairs Council (ECOFIN) to implement a tax on financial transactions is of major significance.

This is an important breakthrough after many years of concerted efforts by the Socialist International, the Party of European Socialists, PASOK, as well as the PASOK members of the European Parliament, and many other progressive forces around the world.

This is one of the few decisions taken by the EU during the current sovereign debt crisis that has a social character. The implementation of this measure will have a number of positive consequences for all the citizens of the EU, including:

• It specifically targets speculators, whose greed has had a catastrophic impact on our economies and citizens.

• It intervenes in the financial sector, which remains inadequately regulated and benefits from fragmented global governance.

• It creates an opportunity to redress some of the injustices that allowed the financial sector to profit from the crisis, although that crisis was of its own making.

• It will raise funds that will help to reduce the deficits of EU member states in a more socially just manner.

• It aims to restore the financial sector to its proper role, which is to finance and facilitate the real economy.

To a large extent, today’s decision satisfies the goal that I set and that all the member parties of the Socialist International pursued together: tighter regulation and oversight of financial transactions and tax havens.

I welcome today’s decision and I hope that it will quickly be ratified by the EU. I call on other economic powers, beyond Europe, to move forward with the necessary boldness and determination to adopt this initiative, so that it can be implemented globally. A global financial transaction tax will benefit all national economies and all peoples.

All democratic and progressive forces worldwide have a responsibility to continue our efforts, to defend the public interest, and to restore a sense of social justice.
 

Socialist International






XXV SI Congress

 

Press coverage

 

SI in the News

 

      

     

 
 

in memoriam

 
 
Charif Fayyad
Former Secretary General of the PSP, Lebanon
1937 - 2016
 

in MeMoriAM

 


Shimon Peres

1923 - 2016

VENezUELA

Member parties in government


List of SI member parties in government 

 

Finances of the InternationAl

Budget and accounts

Member Party Congresses

 

Finnish Social Democratic Party, SDP
Finland
Congress
3-5 February 2017

 

in memorIam

  

NIGERIA

In MemoRIAM

 
 
Michael Rocard

1930 - 2016

in memORIAM

 

Mohamed Abdelaziz 
1947 - 2016
 

in memoRiam

 

 

Elections

 

Ghana
Presidential and parliamentary  

7 December 2016

 

World Refugee Day



 

Report of the Secretary General




Resolutions and Decisions of the XXIV Congress

 


turKEY

The SI condemns the massive terrorist attack in Ankara and calls for a thorough investigation

12 OCTOBER 2015

The Socialist International strongly condemns the massive terrorist attack on a peaceful rally in Ankara that took place on Saturday 10 October, killing over a hundred people and injuring many more. We extend our deepest sympathy to the families of the victims and our strong solidarity with all the people in Turkey who stand against violence and who remain committed to the democratic path, the defence of their freedoms and the enjoyment of their rights. We equally stand alongside all those who embrace and defend the values we share...
 

VeNEzuela

Return of Manuel Rosales, leader of the UNT Party, to Venezuela

15 OCTOBER 2015

The Socialist International is closely following the return today of Manuel Rosales, leader of Un Nuevo Tiempo (UNT), to Venezuela. The ex-presidential candidate is flying this afternoon from the Island of Aruba to the city of Maracaibo, capital of the State of Zulia, where Rosales served as its former Governor, thus putting an end to his six years in exile. The Socialist International expresses solidarity with the decision of the leader of the UNT, one of its member parties in Venezuela. With his return, Manuel Rosales defends the fundamental right of all Venezuelans to live in their own country...

 

MaLI

SI solidarity with Mali and President Keita following terrorist attack in Bamako


20 NOVEMBER 2015


The Socialist International is deeply saddened by the barbarous terrorist attack in Bamako early this morning, which has resulted in the death of numerous civilians in a hotel in the capital. Our heartfelt thoughts and condolences are with all those who are suffering and grieving as a result of this cowardly act of terror against innocent people with no chance to defend themselves. This attack is also an attack against democracy and against the efforts of the government and people of Mali to move the country forward. President Ibrahim Boubacar Keita is a leader that has made us all proud in our International, for his statesmanship, courage and commitment to securing a way forward for peace, democracy and economic progress for all the peoples of Mali...


BuRma

Socialist International congratulates San Suu Kyi and NLD on historic election results


13 NOVEMBER 2015


The Socialist International warmly congratulates Aung San Suu Kyi and the National League for Democracy, NLD, on their historic victory following general elections held in Myanmar on 8 November. The results of these elections, in which close to 30 million people were eligible to vote, already show that with 80% of the contested seats now declared, the NLD have more than the two thirds needed to choose the President and put an end to more than 50 years of military rule. These elections, despite the role and influence of the military, has been seen as the first openly contested poll in Myanmar in twenty five years, when the NLD won by a large majority in national elections in 1990 but Aung San Suu Kyi was prevented from taking office by the military and spent several long periods under house arrest, which only ended in 2010....

France

Socialist International condemns terrorist attacks in Paris

14 NOVEMBER 2015

The Socialist International is deeply shocked and saddened by the horrific multiple terrorist attacks carried out last night in Paris by ISIS, which have left 129 dead and many injured. We send our heartfelt condolences to the families and friends of the victims, our sympathy to all those who endured this heinous crime, and our solidarity with the entire French nation as it comes to terms with these events. The Socialist International underscores its firm support for and solidarity with President Hollande and his government as he firmly and decisively acts to confront this concerted scourge of terror that has hit France, and takes the necessary measures to protect its citizens...