Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-08-Speech-1-152"
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"en.20100308.17.1-152"2
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"Mr President, Commissioner, to be perfectly honest – and everyone knows that I fully support the Commission – your proposals seem singularly timorous. None of them demonstrates a desire to be politically ambitious on a subject that, nevertheless, seems to me to be very important.
I remind you that the 2002 Monterrey Consensus and 2008 Doha follow-up conference recommended innovative and alternative financing in the field of development. I do not believe that this tax on financial transactions could regulate the world financial system either; it is not about that. I believe that the European Union – alongside the G20, certainly – must take the initiative in launching a tax on international financial transactions that could be set, as has been said, on a scale between 0.01% – what a lot of money! – and 0.1% of the value of the transaction. The expected revenue varies, obviously, on the basis of these two coefficients. You can choose between USD 20 billion and USD 200 billion.
It can be of a global and general nature. However, there is a point on which I am not in agreement with you at all: I do not believe that its implementation should be the subject of an agreement between every country in the world, but between the key economic players instead. We must not wait for the whole world to accept this tax, as we know full well that would, in fact, kill off the very idea of it.
It should be levied at the state level and voluntarily at first, which would, of course, give the idea some impetus. It should be coordinated by the key economic actors, in particular, the G20. As you are wondering what it could be used for, one alternative would be for it to be paid into a global or even a European fund; the European Development Fund could really do with it as a means of providing public development aid. Alternatively, states could make use of it in their development policies.
There is also something else about which I have serious doubts and, moreover, that seems to be the way things are going. A clear indication, for example, would be when I hear the Managing Director of the International Monetary Fund more or less dismissing the philosophy of the Tobin Tax, or tax on financial transactions, as a sort of blanket, anticipating or covering the risks of the financial world – what I call financial jugglers. That is not what it is about at all! I do not want the purpose of this tax to be to cover risks taken by the financial world. That must be paid for another way. That is a misappropriation I cannot accept.
I would like to remind you that all the progress recorded in the last few years in a certain number of developing countries – even those that are doing best – will probably be wiped out, preventing the Millennium Development Goals from being achieved. I am, therefore, a fervent supporter of a tax on financial transactions."@en1
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