Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-10-22-Speech-1-120"
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"en.20011022.8.1-120"2
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"Mr President, I was astonished to read the briefing by Parliament’s Information Office, which presented the Goebbels report as follows: ‘In a resolution on the operation of the International Monetary System, the Committee on Economic and Monetary Affairs is critical of the introduction of a Tobin tax on financial speculations’. This appears to be the headline which is supposed to attract the press, and this still appears to be the subject around which the debates here revolve.
In my opinion, this does not at all do justice to the balanced and excellent report by Mr Goebbels. To start with, the resolution does not in any way speak in favour of, or against, the Tobin tax. The extensive explanatory statement does contain a few observations, but what is more important is that it also contains many other alternatives in order to achieve the two objectives pursued by those in favour of the Tobin tax.
Capital movements and foreign exchange markets must be founded more on actual economic reality and must be directed towards long-term investments and financial stability by taking a number of measures, but also by adopting a more flexible stance with regard to developing countries. Their debts should be cancelled and they must be granted an appropriate way of refinancing in order to be given a new lease of life.
Actually, one could say that, in fact, this report fits in perfectly with the Tobin tax action points. It would be unfortunate if the report were seen as an opposing force, for I believe that it complements the Tobin tax well.
In an amendment tabled by my group, a proposal has been formulated in an entirely neutral way that was also formulated in the ECOFIN Council. This amendment warmly welcomes the proposal by the ECOFIN Council to carry out such a study and further analysis. That seems to be far more fruitful than another instance of polarisation concerning the method: yes or no to the Tobin tax. In this way, those in favour of the Tobin tax can again endorse the objectives which are now actually on the agenda, and those against can be pleased about the fact that research can be carried out in a neutral way and that the objectives, namely, better management of capital movements and more opportunities for developing countries, can be achieved."@en1
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