Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-068-000"
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"en.20120523.3.3-068-000"2
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"Mr President, the FTT appears to be a new potential source of revenue for the EU budget. The general argument that wealthy banks that make money from people’s savings should be in solidarity with their clients appears, at first glance, to be plausible. When applying this idea, however, several complications arise. Our financial experts are unable to agree on the items that should be properly included in the tax base, and all questions as to what consequences the introduction of a new tax on pension funds, foreign exchange transactions, and also high-frequency trading may have are justified. In addition to the complications arising from the definition of the tax base, the issue of the geographical scope of its application remains unresolved. It is clear from the attitudes of our major trading partners that at a global level, it shall remain so, nor shall we come to an agreement on the tax being applied throughout the European Union. Then one has to ask whether or not to leave the decision on the use of this tax purely to the Member States and surrender the disputed profits to the EU budget."@en1
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