Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-014-000"

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"en.20120523.3.3-014-000"2
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"Mr President, first of all, I would like to warmly thank all the colleagues who have participated in this work for their excellent cooperation. Secondly, the rationale behind the financial transaction tax is worthy of great support. The FTT is needed for better transparency; to curb speculation and, in this way, to decrease systemic risk; to boost own resources and revenues; to encourage long-term investments; to cut down the pressure on other taxes; and to ensure a fair contribution from the financial sector. For this, it needs to have a model which delivers the targets. So that means it covers broadly both all markets and all financial instruments. A uniform capital allowance-based stamp duty would leave out up to 70% of financial markets; that could not deliver the targets of the financial transaction tax which has been proposed by the Commission. The report and the message we are adopting today send a clear signal to the Council. The financial transaction tax has broad support, not only in this House but also amongst our citizens. Even though the negotiations are difficult, I would like to encourage the Council to take this message seriously and to shoulder its responsibility. It should try to find an approach enabling it to establish an all-inclusive, residence-based financial transaction tax for Europe. The model proposed by the Commission and advocated in this report is too good to be thrown away lightly."@en1
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