Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-08-Speech-1-159"

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"Mr President, Commissioner, the crisis has shown that the European Union lacks the necessary instruments to counteract the effects of the former and provide an appropriate framework for economic recovery. It is therefore necessary to formulate a common response. This should involve not only coordination of Member States’ strategies, but also equipping ourselves, as a Union, with appropriate instruments empowering the Union to take meaningful action so as to provide an immediate and global response. The first objective should be to equip the Union with more far-reaching and more effective economic governance, which calls for greater financial autonomy. In this context, a tax on financial transactions designed to fulfil a triple purpose could be very helpful. After all, we need to enhance the Union’s capacity to develop its own policies, we need to improve economic stability by limiting speculative operations, and we need to provide the information required to monitor the condition and evolution of financial markets. In addition, when designing this fiscal instrument, provision should be made to ensure that the financial sector makes a contribution to help repair the damage to the real economy and cover the expenditure and cost of stabilising the banking system. Commissioner, can you provide us with a timetable for this?"@en1
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