Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-02-17-Speech-4-014"

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"en.20000217.2.4-014"2
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"Mr President, the report presented to us today seeks to complete the free movement of financial investments in Europe, including the most sophisticated forms of investment. We do not, in principle, oppose this industry. However, unlike Mr Christopher Huhne, we feel that a continent which has proved incapable of controlling its oil industry properly should not overly deregulate an industry which may, in time, provoke the same type of crisis. We shall therefore vote cautiously on all amendments limiting recourse to excessively derivative instruments and we shall vote in favour of all amendments which limit the excessive concentration of assets within a single financial group. But we make no bones about the fact that we shall vote against the text as a whole. We shall also vote in the future against any proposals to deregulate the financial markets and we call on all the other political groups to do likewise until such time as taxation on investment income is finally harmonised. For years certain countries, including Great Britain, have been blocking harmonisation and turning their financial centres into tax havens. They even reject the strict minimum, i.e. the Monti package proposed by the Commission in Brussels. This attitude is turning Europe into a machine which exempts investment income from tax and shifts the whole tax burden to commercial income, with all the social and even moral consequences which that implies. We must put an end to this. By blocking the demands of the financial industry, the European Parliament has the means to ensure that countries which have been turned into tax havens end up with their back against the wall."@en1

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