Financial Transaction Tax NOW

What should the fine be for 3000 billion Euros worth of damage?” This was the message from a new video launched today to promote calls for a Financial Transaction Tax. The question relates to the direct losses provoked by the global financial crisis. The video, entitled ‘Vandal Banker’, has been produced by the Party of European Socialists (PES) to publicize the European Action Day for a Financial Transaction Tax, which will take place on 24 April. It was launched at the PES Financial and Economic Network meeting.

Network Chair, Andreas Schieder, Austrian State Secretary for Finance, stated that; “The Vandal Banker in our video clip ends up having to clean up his mess. With a Financial Transaction Tax (FTT) we can ensure that he will be joined by his colleagues”.

The clip shows a banker arrogantly spraying graffiti on a wall. The caption reads; “If you cause 3000 billion Euros worth of damage, what should the fine be?” By the end of the short video he is pictured cleaning up the damage caused.

‘Vandal Banker’ launch marks final countdown to PES action day on FTT

“We are entering a critical period for the idea of a Financial Transaction Tax”, said PES President, Poul Nyrup Rasmussen, “We have the expert level endorsement, and we have proven that it is both desirable and feasible, now all we need is the political will. This video and our action day will keep the pressure on the decision makers.”

The Video aims to promote the European Action Day for an FTT on 24 April. There will be a series of events targeted at the 20,000 PES Activists around Europe. The action day has been scheduled to take place just before the International Monetary Fund (IMF) publishes a report on the idea of an FTT. Find attached the six steps to spread the word around for the PES Action Day of Saturday 24th April. 

Mr. Schieder and Mr. Rasmussen made their comments as the European Commission yesterday released its report on ‘Innovative financing at a global level’. The report considered a number of possibilities for the Financial Service to take measure to stabilize the sector, and to contribute towards filling the fiscal gaps. The Commission was reacting to calls from the European Parliament to define a common EU position on an FTT.

The PES network plans to intensify the campaign in the run up to the G20 Meeting in Toronto in June.

The Financial and Economic Network also discussed the Spring EU Council conclusions. There was considerable criticism of the Europe 2020 strategy proposals by European Commission President Barroso. The meeting of PES representatives saw the conclusions as a ‘missed opportunity’. The Network also endorsed a paper which strongly criticized the Conservative ‘Exit Strategy’, which aims to withdraw specific crisis support measures in the immediate future. The PES material shows that such a severe route would lead to 4.5 million jobs being lost.