Robin Hood Tax gains European support

The European Parliament has adopted a report advocating the European Union press ahead with the introduction of a Financial Transaction Tax, otherwise known as the Robin Hood Tax, to raise money for public goods, including development and climate change.

March 10, 2011

“The European Parliament set the world standard by pressing ahead on an EU-wide Robin Hood Tax," said Elise Ford, head of Oxfam's European Union office. "This is great news. The EU alone could raise tens of billions of euros to help millions of people pushed into poverty because of bankers' greed.”

“With France chairing the G20 group this year, Europe is in an excellent position to make an FTT happen," she continued. "We now urge Members of the European Parliament to challenge their governments to back it. The EU summit later this month must be the place where the political weight tips in favor of an FTT in Europe.” 

Oxfam, alongside a broad coalition of civil society organizations, is calling for an average tax of 0.05 per cent speculative bank trades that could generate millions of additional revenue to fund climate change mitigation and international development.

The European politicians voted on resolutions that concluded that if imposing the Financial Transaction Tax worldwide was too difficult, then the EU should press ahead and impose it at a European level.

The tax has the support of the German and French governments, as well as Austria and Spain.