The Chair of the European Commission has already met the leaders of Australia, New Zealand and Singapore to demonstrate why the European Union needs the support of these countries to implement the financial transaction tax (FTT). None of the above mentioned states supported the idea of the tax despite the campaigns organized in parliaments in those countries and also campaigns organized by civic society organizations, which were trying to win support for FTT.
Barroso talks about different subjects with the leaders of the countries he visits, even issues connected with global warming, however it seems that he has made it a point of honour to push through the FTT concept before the G20 summit in Cannes. This concept was already put off in time once- during the G20 summit in Seoul in November 2011.
Before the next November G20 meeting the European Commission will inform about its intention of implementing FTT in Europe, which is a part of the seven-year-long EU financial perspective, transferring income to the EU budget. A Commission representative admitted that FTT fits into the present system of drawing proceeds from import and export taxes because it is used on an equally wide scale in the whole European Union.
FTT advocated claim that this tax is necessary to put an end to speculative high frequency trading, accused of causing the ever deepening instability of financial markets.
