Girl power at the EU Parliament - Greek MP Anni Podimata presented a resolution to introduce a tax on financial transactions

Anni Podimata, a Greek socialist EU MP, presented on the 8th of March to the European Parliament in Strasbourg a resolution to introduce a tax on financial transaction in the European Union.

Under the proposal, the tax would be levied on each financial transaction by banks based in the European Union at a rate of up to 0.05pc – raising as much as €200bn annually. Support for the tax has been gathering momentum in Brussels in recent months after initially being rejected as unworkable by the International Monetary Fund unless it secured global agreement.

Michel Barnier, EU internal markets commissioner, last month became the most prominent figure to endorse a Tobin tax, telling a German newspaper: “I personally consider this to be the right idea.” However, he added that it would have to be implemented worldwide.

The report submitted by the Greek MPto the EU Assembly was approved by 529 to 127, with 18 abstentions. Actually, this votation will not bring to a tax until the European Commission will approve it or adopt its own draft of financial transaction tax currently under consideration. Brussels insiders said that the Parliament is keen to change the way the EU is funded, drawing its funding directly rather than through member states.

Further details on the "Report on innovative financing at global and European level" are available at the following page of the European Parliament website