Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-08-Speech-1-140"
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"en.20100308.17.1-140"2
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"Mr President, I am happy to contribute to this important debate on the innovative financing instruments and answer this oral question.
Concerning the allocation of revenues generated by a FTT, as the analysis on innovative financing is still ongoing, I think coming to any conclusions about revenue sharing and allocation would be premature. Let me, nevertheless, emphasise that the potential revenues of a general FTT would be very asymmetric, probably located in only a few countries that have the largest financial centres. This asymmetry points to the need for global solutions, including about the sharing and allocation of revenue.
Finally, the timing of the different initiatives. As a first step, the Commission’s services are currently examining the issue of innovative financing instruments overall. The Commission will also take into account the conclusions of our main international partners in order to identify the options with the most potential. It is on this basis that, in a second step, concrete proposals with a detailed impact assessment might be launched, in line with the Commission’s standard approach on better regulation.
Regarding the options for the introduction of a general financial transaction tax, the Commission intends, as announced in its EU 2020 strategy, to contribute to the debate on innovative financing at global level.
It is currently working on defining and assessing different approaches, one of these being a general financial transaction tax (FTT). The ‘financial crisis responsibility fee’ proposed in the US and the ‘stability fee’ on certain assets of banks, as introduced in Sweden, are other ones.
As far as the FTT is concerned, it is clear that the options today differ from the initial discussions on the Tobin Tax, as it would cover a broader base of financial products.
Concerning the advantages and drawbacks of the introduction of the general FTT, the Commission believes that, in assessing the different instruments, it is important to avoid the accumulation of initiatives that could be detrimental to the financial sector, and to ensure that the new initiatives do not result in the relocation of transactions to other regions, which would have a negative impact on Europe’s competitiveness.
Regarding the possibility of implementing a general FTT in the EU if our main partners do not introduce such a tax, I would like to remind you that the IMF is also, in parallel to the work of the Commission, examining options, including a global financial transactions levy.
This demonstrates that the subject is of a global nature and the Commission believes that the best way to tackle this issue is to find global and coordinated solutions. This is our first and preferred option.
Concerning the use of tax as a complementary regulatory tool in the context of financial market reforms, I can confirm that the Commission is considering complementarities between the tax and regulatory instruments and will pay attention to the cumulative impact of these two types of instruments on the ability of the financial sector to support economic recovery.
Regarding the possibility of making the financial system long-term oriented with the introduction of a general FTT, the Commission is not aware of clear data or studies on the relationship between such a tax and the maturity structure of financial intermediation."@en1
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