Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-08-Speech-2-297-000"
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"en.20110308.22.2-297-000"2
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"In recent years, the global economic and financial crisis has exposed major weaknesses in the global financial system’s regulatory and supervisory framework. Financial transactions are typified by a hefty increase in volume and by a noticeable disparity between the volume of financial transactions and the needs of the real economy. Short-term investments, which predominate, have led to excessive volatility and risk-taking. Short-term speculative transactions were at the heart of the crisis and have underlined the clear connection between inefficient financial regulation and supervision and the sustainability of public finances. I voted for this report because the problems caused by this market behaviour have had a major impact on public finances, European citizens and beyond. The report intends to create tools designed to reduce speculation, guarantee a fair distribution of the burden between the key financial players and create new additional resources to meet the major challenges.
Tax evasion and fraud are currently estimated to cost EU Member States approximately EUR 250 billion a year. The novel element is the tax on financial transactions, which would generate revenues of approximately EUR 200 billion per year for the EU and would discourage speculative transactions."@en1
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