Żminijietna – Voice of the Left, Moviment Graffitti, Moviment Azzjoni Xellug, Koperattiva Kummerċ Ġust, Third World Group and Communist Party Malta appeal to the Maltese Parliament to include in the economic programme for 2012, a provision to support the European proposal for the tax on financial transactions (FTT), which was tabled in the European Parliament by the Socialist Anni Podimata.

The proposal has the support of the European Parliament, the Confederation of European Trade Unions (ETUC) and the Vatican. The industrialised countries of the G20 are also in favour of this concept. The European Commission is also advocating and pushing for the introduction of this tax. Indeed it is currently drawing up a draft for consideration by Parliament and European Council.

The European Commission is aware that the European Union is undergoing an economic and social crisis. Today we have reached a situation where the European Union is not generating enough income to be able to help those countries which are in a state of crisis. It is clear that workers are carrying the burden through more austerity measures, more taxes, reduction in their working conditions and loss of jobs.

The neo-liberal economic policies enabled ‘casino speculation’ especially in the banking system which led to a financial meltdown and caused this crisis. To save banks and states from bankruptcy, EU governments are bailing them out with trillions of euros, which will have to be repaid by the common people.

A consequence of these bailouts, poverty in the European Union increased from 55 million to 85 million people, while casual labour, reduction in social benefits and privatisation of most public services have become an integral part of the European economic model, based on neo-liberalism, the real cause of this crisis.

When we look at what is happening and the problems that workers and their families are facing today, it is easy to understand why Malta must fully support the tax on financial transactions, which is progressive. To combat this crisis the Commission requires funds and this tax is a measure to ensure this. Besides being used for the rescue of the euro, part of the income from the FTT goes to the European budget and the other part is received directly by national governments. This will help to move forward towards a ‘Social Europe’.

We appeal to trade unions, the civil society, representatives of students, the Catholic Church and other parties to fully support this European proposal.

We also appeal to the Maltese Parliament, in view of the local and European socio-economic situation to study this proposal and adopt it on its positive economic and social merits.

■ Michael Camilleri

Żminijietna – Voice of the Left,

Moviment Graffitti