Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-063-000"
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"en.20120523.3.3-063-000"2
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"Mr President, with regard to the taxation of financial transactions, I think that we should be realistic and avoid making declarations of principle. We need to create a truly effective instrument that achieves its objective. Personally, I support the idea of the financial transaction tax (FFT) as well as the structure set out by the Commission. I agree that the private sector, too, must help pay for the crisis that it caused.
In the last few years, we have seen the States intervene in the private sector, precisely to resolve critical situations caused by unbridled speculation and the lack of supervision. However, we need to ensure that this tax is not passed on to end users, as so often happens.
A further doubt concerns the effects on the financing of sovereign debt stemming from the inclusion of securities in the scope of the tax. Although the issuing of sovereign debt instruments is exempt from tax, the reduction of liquidity on the secondary market resulting from the introduction of the tax will affect the price of securities in auctions on the primary market, thereby leading to a rise in the interest tax payable to investors by the State. This effect will harm States with a high public debt.
The levying of this tax at EU level – or only at EU level – must be a first step, but the final objective must remain the introduction of a global tax to stabilise the markets and prevent speculation."@en1
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