Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-10-03-Speech-3-177"
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"en.20011003.6.3-177"2
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"Mr President, Madam President, Commissioner, much has already been said about the issue of the Growth and Stability Pact.
I think that the main difference between the two joint motions for resolution submitted to the House is the fact that the motion for resolution signed both by my group and the Socialist Group lays greater stress on the possibility of implementing a contracyclical policy. This policy would promote growth, while keeping within the limits of the Growth and Stability Pact. If I understand the declaration made by the presidency correctly, it seems that the presidency supports this idea that the Growth and Stability Pact should allow the European Union to implement a contracyclical policy to promote growth.
That said, we must not be under any illusions. There is relatively little room for manoeuvre within the terms of the monetary and budgetary policies. I would now like to comment on one aspect of the debate. This has not yet been mentioned but I, at least, am concerned about it. As you know Commissioner, Madam President, practically all Member States have engaged in a structural reduction of government revenue (as a percentage of GDP) through fiscal reductions. This is being done within the context of fiscal harmony between Member States, especially through corporation tax, and within the context of weak growth. This type of policy entails the risk of downward pressure towards a structural reduction of public spending. This could lead to insufficient spending, given the solidarity mechanism we endorse. Alternatively, it could lead to inequitable public spending. This is why it is important to debate the development of other tax bases. It seems that the presidency has alluded to and taken heed of this possibility. In this regard, the Tobin tax may also contribute to widening the range of tax bases. However, Madam President, Commissioner, I would like to find out from you about the progress of work within the Prima Renault group, and about the state of discussion on the issue of corporation tax. I believe that it is urgent for the fifteen Member States to find a way out of the impasse they have got themselves into. The Committee on Economic and Monetary Affairs is no longer informed on how this work is progressing. When we do hear rumours on this subject, all we hear is that no progress has been made. When growth is slowing down, I believe that, as a matter of urgency, the European Union should pull itself together and coordinate work on the development of corporation tax.
Secondly, I would like to comment on the problems of terrorism and money laundering. The principal elements concerned are the Financial Action Task Force on Money Laundering (FATF) and the issue of the directive on money laundering. Experts in this field judge progress made so far on international cooperation on this area to be limited and not very effective. Signatory countries are not obliged to implement the series of recommendations the FATF has produced. In October 1996, European magistrates signed the Geneva Appeal, which called for certain international conventions to be ratified, and for banking secrecy to be lifted when proceedings have to be started. One of these magistrates has recently repeated this appeal, calling for an international conference to consider these matters. The conference would define the rules on economic transparency, including lifting banking secrecy and abolishing tax havens. It would also increase judicial cooperation between states and set up a system of sanctions to be imposed on countries that failed to comply with these provisions. I urge the President and the Commission to see that the Belgian Presidency acts upon these requests magistrates are making. Indeed, the head of FATF has reiterated these same demands, as I have read in the press this morning. Work on these issues should proceed more quickly and FATF recommendations should be made binding.
This would be a very useful role for the European Union to play, both in its capacity as the Chair and a key member of the FATF. I believe that we will be able to turn words into actions. I also believe that, as regards the fiscal package, which includes binding provisions to regulate tax havens and low-tax areas (some of which can be found within the European Union), we can combine the fight against financial crime and the European tax on savings programme. I believe that we must seize this political opportunity to step up work on these issues. Unfortunately, the informal meeting of ECOFIN had to announce, yet again, that no progress had been made in this area."@en1
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