Position paper - Financial transaction tax (FTT)

As part of the Next Generation EU, the Commission will propose by June 2024 new own resources, which could include an EU Financial Transaction Tax (FTT). Even though some of our concerns have been taken into account by narrowing the scope of the current proposal, it still is economically harmful and should be abandoned. The FTT proposal is incompatible with other political and regulatory objectives such as the Capital Markets Union, the encouragement of long-term investment and investment in equities. Given the potentially harmful effect of this measure, we have outlined some key recommendations for the Commission in the following paper.