Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-07-Speech-1-055-000"
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"en.20110307.17.1-055-000"2
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"Mr President, Mrs Podimata’s report contains interesting ideas – both ancient and modern – which are especially topical at this moment in time, given the challenges we face in the euro area, and in the European Union as a whole, in terms of stability and growth. One particularly positive idea is that of Eurobonds.
I wanted to comment, in particular, on the question of a financial transaction tax which, as stated in the amendment which I endorsed, I view as a positive step, even at – albeit – European level, despite its difficulty and complexity, as highlighted in all the relevant studies, in terms of collecting it and how effective it will be if it is only applied at European and not at international level.
However, apart from these technical specifics, we are particularly concerned about its possible impact on the competitiveness of the European economy: a prerequisite to our growth which would also appear to be obvious from the attempt to apply the competitiveness pact within the framework of economic governance on harsh and binding terms. We are therefore worried about the impact which such a tax may have in terms of passing on fast-moving financial services, in terms of the lack of liquidity that our market so sorely needs at present, and in terms of passing on the cost to investors and taxpayers.
It is for these reasons, therefore, that we consider the study promised by the European Commission to be a very basic prerequisite. However, there is something else that concerns us: the fact that nowhere is it stipulated where these resources will go. We are not in favour of taxes for taxes’ sake; we have no doctrine on taxes. What we need to know is what the outcome will be. I would be very receptive and my proposal to negotiate would still apply to a tax which goes to the EU budget or to the support mechanism."@en1
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