Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-08-Speech-2-302-000"
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"en.20110308.22.2-302-000"2
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"With the global economic and monetary crisis of 2007, we were able to observe the major weaknesses of the global financial system’s regulatory and supervision framework. I spearheaded the fight within the European Parliament for innovative financing by setting up a working group on the feasibility of a tax on international transactions. I am convinced that such a tax would not only allow for better regulation of the financial sector by restricting purely speculative activity, but would also help the poorest, particularly developing countries, and the least developed countries among them, to achieve the Millennium Development Goals and to take the measures necessary to adapt to climate change.
A tax on financial transactions at European level could potentially generate around EUR 200 billion of revenue per year in the Union and close to USD 650 billion per year globally. If we made consistent progress at European level by applying a tax on international financial transactions, we would preserve the strong message we sent in December 2010 when we adopted the recommendation entitled ‘the financial, economic and social crisis: recommendations concerning measures and initiatives to be taken’."@en1
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