Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-10-Speech-3-165"

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"Mr President, anyone who looks at the recent financial crisis will wonder how we allowed regulation and supervision to lead to a situation where we ended up with banks being deemed too big to fail and billions in taxpayers’ money being used to prop up these banks. So, when one thinks about this idea of a global financial transaction tax, it may seem reasonable if we want to help the victims of the financial crisis and also help those in poorer countries. But if we think about how this would actually be imposed, and the real impact, and we follow it through the chain within the financial markets, in reality, you would find banks passing these costs on to their customers. It would also impact heavily on those of us who want to trade with developing countries or entrepreneurs in developing countries who want to trade with the rest of the world, and hit the cost of insurance, which is such a vital part of international trade. If we really want to tackle this problem, we should not be handing billions in taxpayers’ money to corrupt or incompetent governments. We should be making sure that we lift tariff barriers in both the EU and poor countries, to help entrepreneurs in poorer countries to create wealth and take people out of poverty."@en1
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