By: PES President Poul Nyrup Rasmussen, Ani Podimata MEP, Pervenche Beres MEP

As you already know, we at the Party of European Socialists (PES) and at the Socialists and Democrats (S&D) group in the European Parliament are with you in the Europeans for Financial Reform (EFFR), fighting for a Financial Transaction Tax (FTT) at the European level. This socially beneficial tax would raise € 200 billion per year, to be destined for the European social model, for development and to fund climate change, all of which we fight for tooth and nail.

European Commissioner for Taxation Algirdas Šemeta has launched a consultation on the feasibility of such a tax, based on a discussion paper published only in English. As a result, the consultation is directed to stakeholders who have an interest in the financial sector instead of encouraging contributions from civil society.

The European Parliament has already showed its strong and wide support for an EU-wide FTT by voting in favour of it on 8 March. This large consensus has been possible thanks to your support. Citizens’ mobilization has led to a tremendous first result; with 500.000 letters, we built consensus aroundour resolution for an EU FTT. Commissioner Šemeta disregarded the outcome of the vote and called it ‘irresponsible’.

MEPs at the European Parliament, PES member parties and activists, citizens, and all of us in the EFFR are in favour of the introduction of a European tax targeting speculators. Commissioner Šemeta is surrounded by unanimous voices that he is continuing to ignore.

We need you to step in and show the European Commission the feasibility and the self-evident benefits of an FTT. Such a tax is simple and fair. Economists who studied the proposal have found the tax feasible and refuted the arguments usually raised by opponents. For example, Stephan Schulmeister, economist at the Austrian Institute of Economic Research, explained that it is wrong that an EU FTT would cause the relocation of capital to tax havens, as financial transactions are carried out within a day, thus strictly depending on the time zone.

We urge you to support our initiative today bysigning our petition – initiative of the Europeans for financial reform (EFFR) – for the implementation of a tax targeting speculators at the EU level. We have until 19 April to convince the European Commission why it is a good and simple idea. This process will bring to the drafting of a proposal scheduled to be presented at the European Council on 24 June.

You can participate in several ways.

If you have one minute, sign the petition.

If you have three minutes, sign the petition and join the event on Facebook.

If you have five minutes sign the petition, write a statement, join the event and invite your friends to do the same.

It is time that we make speculators pay for their crisis. The timetable is short, click here and sign the petition now.