Calling a financial transaction tax (FTT) an urgent and necessary tool, German GUE/NGL MEP Jürgen Klute said it is imperative that the financial sector contributes to public coffers both in Europe and globally, and called on the Commission to come up with FTT proposals.

"Elevated public debt is largely a consequence of the nationalization of private debt - namely, the taking on of financial institutions' debt by governments - while public spending cuts have mainly hit workers, pensioners and the poor. If you talk about cutbacks, you also have to talk about the revenue side of the budget, this means bringing those who are responsible for the crisis into the tax net."

Pointing out that the annual financial losses caused by tax evasion and fraud in Europe (estimated at €200 - 250 billion) would be sufficient to reduce deficits without raising taxes on labour, Ilda Figueiredo (Portugal) said current estimates of revenue generation from a tax on financial transactions, even at the reduced rate, would generate about €200 billion per year in the EU. "In this context, how can we accept postponing the introduction of a tax on financial transactions within the European Union, on the pretext of further study and evaluations?"

"It is time to take clear decisions on supervision and taxation of capital and not continue to force workers to pay for the economic and social crisis."