Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-07-Speech-1-059-000"

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"Mr President, at a time when we are only just beginning to digest the effects of the financial crisis, it is certainly not forbidden to consider fundamental issues such as innovative tax mechanisms and to propose new avenues such as Eurobonds. If this is to be a truly valid exercise, however, realism should never give way to idealism. Eurobonds could be an instrument of the future if the European Union were to make a genuine qualitative leap in economic governance terms. This is a prerequisite. Let us not underestimate the problems here. If we listen to Mrs Podimata, things are actually quite simple. We take the money where we find it, and that is that. Today, banks are easy scapegoats. They have sinned and they must pay. That is what the French said to the Germans after the Treaty of Versailles in the 1920s. One particularly well-informed observer, Mr Trichet, the President of the ECB, warned us very clearly of the risks involved in unilaterally implementing a tax on financial transactions in Europe. I have even heard talk of it being introduced solely in the euro area. We are on a slippery slope here; our fellow Member Mr Farage would be delighted! We must therefore be extremely cautious. This is why I am in full agreement with the amendment tabled by my group. It does not close any doors but requests a thorough analysis of the consequences of the choices we may make. Choosing to be ideological at this point in time would be a serious mistake. For my part, I will not support a measure of which the only consequence would be to penalise the European financial sector over our competitors."@en1
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