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The European Commission wants to eradicate abject poverty worldwide by 2030. (Photo: European Commission)

EU: financial tax should be used for development aid and climate

The European Commission said revenue from a proposed financial transaction tax (FTT) should be set aside to fight poverty and climate change, as an investment against global instability.

“I would very much want member countries really to take it seriously,” European commissioner for development Andris Piebalgs told reporters in Brussels on Wednesday (27 February).

The FTT is backed by 11 member states and would put 0.1 percent levy on bonds and shares and 0.01 percent on derivati...

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Author Bio

Nikolaj joined EUobserver in 2012 and covers home affairs. He is originally from Denmark, but spent much of his life in France and in Belgium. He was awarded the King Baudouin Foundation grant for investigative journalism in 2010.

The European Commission wants to eradicate abject poverty worldwide by 2030. (Photo: European Commission)

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Author Bio

Nikolaj joined EUobserver in 2012 and covers home affairs. He is originally from Denmark, but spent much of his life in France and in Belgium. He was awarded the King Baudouin Foundation grant for investigative journalism in 2010.

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