FTT agreement is a backward step

Following today’s political agreement amongst 10 member states regarding a financial transactions tax, Markus J. Beyrer said: ’This political agreement on the FTT is a step backwards in terms of putting Europe on the road towards growth and job creation. As we have consistently warned leaders, and as the majority of Member States have also recognised, by raising the cost of capital the FTT threatens to lower investment levels whilst failing to improve financial stability. It is extremely unfortunate that a number of member states continue to insist on putting short-term political gains ahead of the long-term needs of workers, savers and investors.’