In a resolution, the European Parliament has urged European Union (EU) Member States to respect their pledges and to establish a number of innovative financing mechanisms in keeping with the work of the Leading Group, including in particular a financial transaction tax (FTT).
This resolution, adopted by 283 votes for to 278 against and 15 abstentions, also calls on EU Member States to earmark at least 25% of revenue from the auctioning of Union CO2 emission quotas for helping the poorer countries combat climate change. The resolution also supports introducing a possible moratorium on debt repayment and stepping up action against tax havens and illegal capital flows. Finally, the resolution emphasizes the importance of reducing the costs of migrants’ remittances.