Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-08-Speech-2-287-000"
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"en.20110308.22.2-287-000"2
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"Some people do not support a financial transaction tax (FTT) at European level because it would distort competition on the financial markets at Europe’s expense. I do not believe that a tax of only 0.01% on these transactions will cause investors to withdraw from the world’s largest financial market.
If we rely on the G20 to take this initiative at global level, we will wait forever. I am therefore pleased that the amendment tabled by the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament in favour of this FTT at European level has been adopted. It would provide an estimated EUR 200 billion of income a year, thus allowing the Union to properly finance its budget, at a time when Council Members are already making known their intention to cut it, despite the added value that results from European expenditure.
The crisis, brought about by financial market players, is being used as an argument by our right-wing governments to call for budgetary cuts, especially in social expenditure. Hence, European citizens would pay for mistakes that were not of their making. The FTT would reintroduce social justice into European decisions by consolidating public finances at the expense of those who weakened them in the first place. Therefore, this was exactly the right time to make this move."@en1
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