Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-299-000"
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"en.20120523.15.3-299-000"2
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"The economic crisis which broke out in autumn 2008 began in the financial institutions. One of the most important lessons which we should learn from this crisis is the need for immediate regulation of financial markets. Unfortunately, no such lesson has been learned. Institutions involved in speculation are still threatening the security of individual Member States, the euro area and the European Union as a whole. However, I very much welcome the European Commission’s initiative to introduce a financial transaction tax.
After many years of calls for such a tax by the anti-globalisation movement and then the Party of European Socialists, it has now been recognised by an institution which was not previously known for its openness to similar solutions. The financial transaction tax should fulfil two main functions. First, it should help to curb financial speculation. Second, it should be an important source of income for the EU budget. These funds should then be invested to stimulate growth
by creating new jobs. This involves a new model to combat the economic crisis, and it is highly desirable that the EU should adopt this model. Four years after the crisis began, it is difficult to have any illusions as to the effectiveness of cuts and austerity. With this in mind, I have decided to support the report on a common system of financial transaction tax."@en1
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