MEPs voted 360 – 299 in favour of the motion that “the EU should promote the introduction of a FTT at global level; failing that, the EU should implement a FTT at European level as a first step" and "calls on the Commission swiftly to produce a feasibility study, taking into account the need for a global level playing field, and to come forward with concrete legislative proposals”.
“The European Parliament has shown leadership to ensure that the financial sector pays a fair share” says the Alliance’s Head of Policy, Anton Kerr. “We are all paying the price for the reckless speculative behaviour of the financial sector - but the poorest at home and abroad are paying the greatest price as funding for health is being cut.
“Only a third of the people who need life saving HIV treatment are getting treated. The result of the financial crisis is a life and death issue for the two thirds of people waiting to access treatment, for which funding is now threatened”.
The pressure is now on for European governments to turn this parliamentary vote into a European agreement. The Robin Hood Tax campaigners will now have to continue convincing European governments and the European Commission to take the concrete steps for making a European FTT happen.
More action in middle-income and developing countries is needed to support and voice a demand for the FTT. An active position of G20 countries is crucial.
Health, civil society and community-based organizations need to engage in FTT debate with trade unions and governments. They need to hold their governments accountable for their FTT position and ensure health and development are high on the agenda.
Sign a petition to support FTT.
Find out more about the FTT: visit Make Finance Work and the Robin Hood Tax campaign.
Read how the Guardian reported the European Parliament’s decision.
The European Parliament has shown leadership to ensure that the financial sector pays a fair share