Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-10-22-Speech-1-112"
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"en.20011022.8.1-112"2
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"Mr President, one could, with reference to Mr Goebbels' report, say that it was worth it in the end. It is an own-initiative report dating back as far as 1999, when it was prompted by the crises in Asia, Russia and Brazil. In the meantime, there has been a succession of further small crises, and we have got on with our work.
In the Committee on Economic and Monetary Affairs, our group wholeheartedly agreed with the basic line taken by the rapporteur, not least because you, Mr Goebbels, took up a clear position on the Tobin tax. The international monetary system is undergoing transformation, as is clear from your report. We want to bring proposals into this process of transformation, but we can also see that the euro has firmly established itself since 1999 and has fully proved itself as an anchor giving stability to the global economy.
That in itself is an important contribution by Europe to stabilising the international monetary system. Mr Goebbels has done a sound job of work, something I want to emphasise here today. For that reason, we are in substantial agreement with his proposals: the improved supervision of banking, surveillance of international financial activities, greater powers for international bodies such as the IMF and the World Bank to really get to grips with crisis situations. As you have just said, the IMF must become more democratic. Above all else, it must fit into the overall scheme of things so that it does not become the bogeyman of crisis management. Of course, the states must work together in this, for financial means alone will not overcome crises.
We agree with closer collaboration at international level between national supervisory and regulatory authorities, a stronger coordinating role for the European Central Bank, something that has still not been resolved, and which we would remind you is overdue – the establishment of an observatory for systemic risks at the Bank for International Cooperation, and continued efforts at reform of the international monetary system. We share Mr Goebbels' view – contested in their proposals by our Green colleagues – that the Tobin tax does not belong in this report. Looking through the proposals, I noted that the Group of the Party of European Socialists also, according to Amendment No 10, wants this to be checked up on, even though it does refer to an ECOFIN Council resolution. On that point we take a completely different view. We agree with your basic approach and we will be asking for a separate vote on this subject.
Introducing such a tax, whose technical problems cannot in any case be resolved, would imperil the transfer of capital and thus also put at risk the advantages of global division of labour, investment and employment. That is why we are opposed to it, but will vote for your report without a Tobin tax, and against it with one."@en1
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