Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-08-Speech-1-163"
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"en.20100308.17.1-163"2
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"Mr President, financial markets are global and financial companies are global; indeed, the financial industry is the biggest global sector at the moment. As our needs are global as well – such as the development agenda, the Millennium Development Goals or tackling climate change – to me it is more than natural that financial transaction taxation should be the first attempt at global taxation.
Politics is not global; nor, as we know, is it properly European Union. Someone has to take the lead in tackling the issue, and it is quite naturally the European Union’s place to take the lead. Usually the one that takes the lead – developing the mechanisms, the models, having the intellectual property – has the leverage, and the advantage of being the first as well.
While there are slight benefits in terms of slightly curbing most speculative transactions, in my opinion, the biggest benefits relate to entering the new field of taxation, a global mechanism and gathering resources – not so much in the financial sector, but especially for our European and global development and environmental needs.
Indeed, to be active on this issue, the European Union has to have clear thinking, we have to have a united position, and that is why I would like to see the Commission come forward with a proposal very soon on how to make this FTT workable."@en1
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