Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-08-Speech-1-155"

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"en.20100308.17.1-155"2
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"Mr President, Commissioner, ladies and gentlemen, what is this all about then? The question is quite simply how can the financial markets help to reduce the costs that they have incurred for states, societies and the economy? That is the crucial question that we must answer. I think that together, we have developed a very balanced text. I am also very grateful to the Commissioner for the way he has worded it. On the one hand, we cannot pretend that Europe is the Island of the Blessed where we can do what we like without the global financial markets reacting to it. Things must be coordinated internationally. On the other hand, we must also ensure that the sector makes an appropriate contribution to overcoming the crisis. That is why I would caution that we must stop coming up with a new item every week that we can use to solve all the problems of the world. A couple of months ago, it was an additional levy on airline tickets that was going to solve all our problems, now it is the tax on financial transactions and next month, somebody will think of something else. That is going too far. It is a question of involving the financial markets in an internationally coordinated manner. If a sensible solution to this can be put forward by the Commission and introduced into international negotiations, then we will be on the right track. We should also be honest with ourselves. Those who maintain that we can stop speculation with such instruments are clearly deluding themselves. What we want is for speculators to make their contribution to the risk and to overcoming the risk. That is the right approach. In doing so, you have our full support Commissioner."@en1
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