Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-106-000"

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"en.20120523.5.3-106-000"2
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"Mr President, since the late 1990s, at least, we have been advocating a financial transaction tax on the stock exchange. We consider this a vital instrument for combating financial speculation, although it does not go far enough: other, braver measures are also crucial, including an end to tax havens and the more speculative financial products. However, this is an important step. Nevertheless, we are concerned to note that the proposal under discussion gives favourable treatment to derivatives and other structured products; the very ones on which there is most speculation. The lowest tax in the proposal is applied to them: 0.01%. Moreover, we consider it essential that revenue from this tax be used to combat poverty, rather than channelled into replacing national contributions to the EU budget, which would remain insufficient, without contributing to the much-vaunted goal of strengthening funds for convergence and social cohesion."@en1
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