Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-08-Speech-2-293-000"

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"en.20110308.22.2-293-000"2
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"There has long been a need to control and effectively regulate the capital market, preventing speculation on a very wide range of products, including commodities, property transactions, benefits, pensions and insurance, as well as a whole panoply of derivatives, including speculation on sovereign debt. Unfortunately, the European Commission has made no progress with these proposals, when it is well known that financial losses caused by tax evasion and fraud in Europe are estimated to be between EUR 200 and 250 billion per year, which alone would be sufficient to reduce public deficits without the need to increase taxes on employment. However, if we also had financial transaction taxes at a world level and, therefore, also at a European Union level, as well as an end to tax havens and speculative financial products, we would have even greater sums with which to address economic and social problems. Current estimates of revenue generated from a financial transaction tax, even at a low rate, indicate that around EUR 200 billion per year would be generated at a European Union level. In the light of this, we cannot accept that a clear position on the creation of a financial transaction tax should be delayed under the pretext of further studies and assessments."@en1

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