PACE gives backing to a European tax on financial transactions

PACE has given its backing to a European tax on financial transactions, urging that it should cover as many countries as possible – as a first step to a global tax – and should also be levied on derivatives trading and off-exchange transactions. The Assembly, adopting a resolution based on a report by Hermine Naghdalyan (Armenia, ALDE), also said the EU should consider committing “a substantial share” of the revenue from this tax to repairing the damage caused by the financial and economic crisis, including by funding “sustainable growth, job creation, social needs and global solidarity”.