Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-07-Speech-1-033-000"
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"en.20110307.17.1-033-000"2
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"Mr President, the board in this meeting room shows that today’s topic is called innovative financing. I think that it is right and proper to say here that we are actually talking about the introduction of new European taxes, and we already know in advance who will have to pay them. It is banks and financial institutions which will pay these new European taxes. I think that it is wrong to blame the banks for triggering the financial crisis or to say that the economic crisis is their fault. After all, we have known for a long time that the main cause of the crisis was a worldwide economic imbalance, long-term low interest rates, excessive regulation of the financial sector and unfortunately, political interference in areas in which politicians have no business to be making demands.
The amount given in the documentation that the European Union or European institutions will gain, for example, from the introduction of a financial transaction tax, is very contentious. This is because it is highly likely that the financial sector will improve its yield in reaction to each tax and the introduction of any new taxes, or, to the detriment of the European economy, eventually move their tax residence to outside of the European Union. However, if the banks and financial institutions do stay here and continue to offer financial services, then they will, of course, evidently pass these costs on to their customers and consumers.
It is good to see that there is some very complex financial consolidation going on in the Member States and I think that the European institutions should also get involved. Unfortunately, there has not been any mention of the European institutions making any cuts in their expenditure; instead, there has only been talk of introducing new taxes. If the European institutions closed down some of their European agencies, which are often unnecessary, excessive and expensive, then there would surely be some funds left over to support several European projects.
I would like to add something on Eurobonds. If Eurobonds are adopted, then it follows that there is no need to economise, no need to put money aside for the future, and no need to carry out reforms, because someone will always pay them off. There is an increased moral risk here. The European Conservatives will vote against this proposal, because we are against the introduction of new taxes and the raising of taxes."@en1
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