On Monday night, the core details of the European Robin Hood Tax were finally agreed. This. Is. Happening.
This represents a decisive victory of people power over the banks. After pressure from thousands of you, we heard from Italy’s finance minister Pier Carlo Padoan, who replied to one of our Tweets and confirmed that he backed the project.
Germany’s finance minister Wolfgang Schauble confirmed that “the countries that had reservations last time have withdrawn them".
After a period of deadlock, there was a welcome turnaround by three blocking countries. Led by Belgium, these three states came on board with what would be taxed and how it would be collected.
That means that Germany, France, Italy, Spain, Portugal, Austria, Belgium, Greece, Slovenia and Slovakia could have a financial transactions tax within the year!
The EU Tax Commissioner Pierre Moscovici hailed the landmark decision as "very important progress".
But the devil is in the detail. We need to make sure that after all this effort, we are not cheated. There can be no last minute carve-outs. We need to insist the tax rates are high enough to be sure that sufficient money is raised to really combat poverty here and abroad.
We'll need your help to hold them to account over the next few weeks. But in the meantime, please help us celebrate this big step forward!