Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-08-Speech-1-153"
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"en.20100308.17.1-153"2
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"Mr President, there are obviously many good reasons to ask financial institutions to contribute more to tax revenues post financial crisis, and it is a shame that this resolution only looks at transaction taxes and not at examples like the Obama levy.
On transaction taxes, I have three areas of concern.
Firstly, the impact on end-users of financial services. In the UK, the stamp duty that has existed for many years has had a disproportionate impact on smaller investors and companies seeking capital.
Secondly, the impact of the EU going it alone. We know financial markets are global and very fluid. There is obviously a risk that we just push transactions outside the EU, which would not be beneficial.
My third concern is regarding moral hazard: if this money is to be put into a bail-out fund. I do not believe that every failing financial institution should automatically be bailed out by taxpayers. It must be possible to allow a bank to fail whilst still protecting customers. Experts have warned both the Committee on Economic and Monetary Affairs and the Special Committee on the Financial, Economic and Social Crisis that such a fund could encourage irresponsible risk taking. We do not want to risk more risk, and this should be investigated."@en1
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