Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-01-19-Speech-3-229"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2000-01-19"^^xsd:date2
dcterms:Is Part Of	lp_eu:Capital tax2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20000119.8.3-229"2
lpv:hasSubsequent	lp_eu:2000-01-19-Speech-3-2302
lpv:speaker	lp:André Brie2
lpv:spokenAs	member; Delegation for relations with Israel (1999-09-29--2002-01-14)3 member; EUL/NGL (1999-07-20--2004-07-19)3 member; Committee on Foreign Affairs, Human Rights, Common Security and Defence Policy (1999-07-21--2002-01-14)3 substitute; EMPL (1999-07-21--2002-01-14)3 unknown; Partei des Demokratischen Sozialismus (1999-07-20--2004-07-19)3
lpv:translated text	"Madam President, we cannot just keep repeating the number which several previous speakers have quoted; we must also mention the fact, Commissioner, that 80% of these huge, daily foreign exchange sales have an investment term of no more than eight days. We cannot maintain a situation in which investments and the creation of jobs are less lucrative than short-term sales of foreign currency and shares. We cannot maintain a situation in which we allow ourselves to destroy the opportunity to take political action. We cannot maintain a situation in which income from non-economic activities increases more and more quickly. It has been demonstrated in Germany that income from monetary assets has almost doubled from 7.6% of overall economic income since Tobin developed his idea. We cannot maintain a situation in which the poorest countries of the world are most exposed to the speculative arguments surrounding short-term currency fluctuations. Nor do I believe that this is impracticable. Why should it not be possible for the G7 countries, the other EU Member States, China, Singapore and Switzerland to come to an agreement on the introduction of the Tobin tax? There must be an overriding economic interest. Why should it be impracticable, and it can be differentiated, to impose this tax on spot foreign exchange transactions, all the so-called cash transactions, currency futures and options? Why should it be impracticable to set this tax at a rate which does not jeopardise the long-term investments needed by the economy but which finally makes short-term and speculative investments unattractive. Numerous very difficult questions are bound to arise, but the only real problem which I can see so far is one of political will and the St. Florian principle of shifting responsibility from one agency to another which has now taken hold."@en1

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