Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-21-Speech-2-996"
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"en.20081021.7.2-996"2
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"Europe, including Ireland, needs the Lisbon Treaty if we are to develop coherent and effective policies to tackle the global crises of financial system meltdown, Climate Change, and, under-development of much of the world.
Economic nationalism cannot solve these global challenges. Neither will allowing the financial institutions or transnational corporations a free hand to do as they choose, while expecting the taxpayer to bail them out when crisis hits.
We need a system of global governance which includes transnational regulation of the financial markets. Indeed, including a capacity to tax such institutions in a way which prevents them from playing one country off another.
A system of taxation of currency exchange is necessary to stabilise those markets and could also provide a valuable resource to fill the funding gap in the implementation of the Millennium Development Goals (MDG).
Such a levy system is usually known as a ‘Tobin Tax’. James Tobin first proposed it following the USA’s destruction of the Bretton Woods system. It would have a three- fold effect; 1, help stabilise the currency markets; 2, provide substantial funds to help implement the MDG; 3, reclaim part of the democratic space conceded until now to the financial markets."@en1
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