Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-02-08-Speech-1-107"

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"Mr President, Commissioner, here are some facts that are worth remembering: according to the OECD, assets amounting to EUR 5 to 7 trillion were stashed away in tax havens in 2008. In the European Union, tax evasion, already mentioned today, amounts to between 2% and 2.5% of EU wealth, which is to say double the EU budget. Nowadays there is also no doubt that tax havens, the vagueness of new financial products, the lack of administrative cooperation, the failure of regulation and supervision in the markets and the excessive ambitions of operators have all contributed to the terrible crisis we are experiencing. On a global level, progress is being made and we are learning lessons from this – lessons that were established in the initiatives of the International Monetary Fund, the OECD, the G20, and the Financial Stability Forum. The European Union, particularly under the guidance of Mr Kovács, who I would like to congratulate, has been involved in a series of initiatives. These include administrative cooperation, the Savings Tax Directive, debt recovery assistance, a code of conduct, as well as increased cooperation by Belgium, Austria, Luxembourg, the Isle of Man and even neighbouring countries: Switzerland, Monaco and Liechtenstein. However, it is important that this collective effort does not lead to what was so well described by Mr Domenici’s fellow countryman, when it is said in that many things must change if everything is to stay the same. This is an example of what cannot happen! European citizens are now suffering from unemployment, threats of tax increases and the loss of basic retirement rights. Small and medium-sized enterprises are not getting credit and sacrifices are widespread. These citizens are the ones who expect us – as their representatives here in Parliament – to learn the lessons and truly guarantee competition, justice, transparency and honesty within the European Union. These four reports, particularly those of Mr Domenici and Mrs Alvarez, are along these lines. I hope that these reports receive widespread support from the Members of this House and, in fact, that they provide the European Union with the political drive it needs to learn the right lessons and also encourage these lessons to be recognised on an international scale."@en1
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