S&D Euro MPs today welcomed the decision of eleven EU countries to introduce a tax on financial transactions (FTT).

S&D Group President Hannes Swoboda said:

"We are very happy that this group of countries has decided to go ahead with introducing a financial transaction tax. This is good news for EU citizens.

"It is important to start the process among those countries who are willing but we hope that others will follow.

"Our group has been campaigning for many years for this tax. It is a matter of social justice. It is time that those who caused the financial crisis help fix it."

Anni Podimata, S&D Euro MP and author of the European Parliament's report on the FTT, added:

"The tax will contribute to the consolidation efforts of the member states involved.

"It will shift the burden from EU citizens to the financial sector.

"The S&D Group will continue to follow the development of this issue closely and will push to include as many countries as possible."