Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-08-Speech-1-147"
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"en.20100308.17.1-147"2
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"Mr President, following on from the recent turmoil in the global financial markets across the world, academics, politicians and Nobel Prize-winning economists are rightly looking into finding a way to recoup the money which has been spent saving our financial institutions. Financial transaction taxes, in their many different forms, are just one of many ideas on the table and we must not limit the tools available to the EU and its Member States to looking at one idea. We must be creative and look as widely as possible to see where we can best respond to the financial crisis and strengthening our national financial systems. President Obama’s concept of a levy on financial institutions could bear some merit.
Yet this proposal is very specific and does not look at considering all other forms of financial taxes or levies. As the Commissioner has said, the IMF, under the instruction of the G20, is currently doing a study into possible financial taxes, yet this resolution appears to seek answers ahead of this study.
I do not understand the logic of trying to implement an EU solution to a global problem. It is nonsensical and naive to think that, if the EU were to implement a transaction tax without the support of all key global players, we would not lose out to other countries.
My concerns are twofold with this financial transaction tax resolution as it stands.
Firstly, we cannot support a measure which seeks to give tax-raising powers to the EU. It is fundamental to the sovereignty of our EU Member States that they retain the right to control their own tax systems. It would be useful, therefore, to clarify whether this proposal is for coordinated tax-raising by individual Member States – to be retained and used at that level – or whether it really is an EU tax.
Secondly, the taxes raised to stabilise financial systems should not, in my opinion, become an extension of an EU budget line. There are many EU- and Member State-led initiatives and spending programmes looking to tackle the global climate in smart ways. We have ambitious targets of money to be spent in developing countries. I would not be able to support something that actually raises taxes for other purposes."@en1
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