Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-301-000"
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"en.20120523.15.3-301-000"2
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"Today, we adopted Ms Podimata’s report in plenary here in Strasbourg. Parliament has been calling for a financial transaction tax (FTT) for nearly two years, and the Commission put forward a legislative proposal in 2011. According to Eurobarometer, 66% of Europeans are in favour of an FTT. The FTT is an integral part of the strategy for overcoming the crisis. It will lead to a fairer distribution of the burden of the crisis and will not cause relocation outside the EU, since the cost of doing so is greater than paying the tax.
In addition, Parliament is proposing to add the ‘issuance principle’ to the Commission proposal to oblige financial institutions located outside the FTT zone to also pay the tax, if they traded securities originally issued within the zone. The ‘residence principle’ already proposed in the Commission’s text should be kept, so as to also cover financial products issued outside the FTT zone but traded by at least one institution established within the zone. An ambitious FTT system will enable us to have a tool for reducing speculation and ensuring that the financial sector goes back to playing its original role in the service of small and medium-sized enterprises and other firms."@en1
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