Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-08-Speech-1-169"
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"en.20100308.17.1-169"2
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"Mr President, I am pleased that you have devoted your time to this important debate. The idea of a financial transactions tax has generated a lot of attention so far. As I explained, the Commission is currently examining innovative financing at a global level and is paying particular attention to the following issues.
First, the analysis of the competitiveness aspect. As financial transactions are so mobile and financial markets so competitive, the risk of reallocation of activities to other markets appears to be very high. This means that a common approach and, at the very least, good cooperation, are necessary at international level.
A second issue is the cumulative impact of various initiatives which should not undermine the ability of the financial sector to support economic recovery.
Third, we need to get the analysis right. The Commission will soon publish its analysis of various options. I have to say that it is not so simple. We are carrying out an analysis and analysing various instruments. Those instruments are related not only to the financial transaction tax but also to possible levies on banks’ assets, on banks’ leverage and so on. We have to make this analysis very thoroughly in order to make proper conclusions as to which options are the best.
The Commission will compare its findings with those of one of its international partners. On this basis, the more promising instruments will be identified which the Commission will assess in further detail.
I should also say that, in the EU 2020 strategy, ‘taxation’ or ‘taxes’ is mentioned many times, which is in strong contrast with previous strategic documents. I think the Commission is paying serious attention to the issues related to developments in the taxation area.
To conclude, I would like to stress that the Commission promotes and supports a serious global analysis on the potential benefits and disadvantages of different innovative finance instruments, including a financial transaction tax. I would like to thank Parliament for its interest and involvement in this topic."@en1
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