Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-08-Speech-3-013"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-09-08"^^xsd:date2
dcterms:Is Part Of	lp_eu:Conclusions of the special ECOFIN Council meeting of 7 September (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20100908.3.3-013"2
lpv:hasSubsequent	lp_eu:2010-09-08-Speech-3-0142
lpv:speaker	lp:Kay Swinburne2
lpv:spoken text	"Madam President, I would like to begin by congratulating the Belgian Presidency on its negotiating skills, and Commissioner Barnier and his team for finding solutions on supervision. But I would like to turn to those unresolved issues of financial transactions at yesterday’s ECOFIN. I seem to spend a lot of my time in Parliament asking for people to conduct research, write impact assessments and do studies. This week’s ECOFIN has gone out and done just that. Instead of looking at purely political concepts and legislating in haste, the Council meeting and Commissioner Šemeta’s contributions have been based on facts and figures. A good example of better regulation principles in practice. However, when an independent assessment states that one Member State would end up collecting in excess of 70% of the revenue generated from a financial transaction tax, it would be ludicrous to claim that such a tax should be implemented at an EU level, if at all. An FTT is not free money, as the popular media would have us believe. The banks and financial intermediaries would not be the ones to pay for a transaction tax. It would be the pensioners reliant on their returns in the market and companies in the real economy paying for every hedging transaction. It is time to recognise the limitations of the simplistic FTT and, if our true aim is to modify the behaviour of banks without destroying our economies, look at the more complex solution of a financial activities tax or bank levies as proposed by the IMF instead. Instead of derailing the process by calling for unachievable and unwanted EU-wide taxes that many Member States, not just my own, are against, we must look at this as an opportunity for strengthening our Members States’ weak public finances and allowing them to use the money as they see fit, replenishing their public coffers depleted by bank bail-outs and crisis management."@en1
lpv:spokenAs	member; Delegation to the Parliamentary Assembly of the Union for the Mediterranean (2009-09-16--2012-03-27)3 substitute; Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee (2009-09-16--2014-06-30)3 substitute; Delegation for relations with the Palestinian Legislative Council (2009-10-19--2014-06-30)3 unknown; Conservative Party (2009-07-14--2014-06-30)3 member; ECON (2009-07-16--2012-01-18)3 member; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3 member; PECH (2009-07-14--2014-06-30)3
lpv:unclassifiedMetadata	"Kay Swinburne,"1 "on behalf of the ECR Group."1
lpv:videoURI	<go to Events_and_structure europarl>2

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