Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-07-Speech-1-027-000"
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"en.20110307.17.1-027-000"2
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"Mr President, I would like to thank the Committee on Economic and Monetary Affairs and the Committee on Development and, in particular, Anni Podimata, for her report on innovative financing at global and European levels.
I have already had the opportunity to debate with you several times on how to make the banks pay for the costs of the crisis. As you know, the Commission is preparing an in-depth impact assessment on instruments for the taxation of the financial sector, to be delivered by summer 2011.
This will enable the Commission to make appropriate proposals on policy actions. In addition, we are also scrutinising the cumulative impact on financial institutions of new regulation, bank levies and taxes, and will present the results later this year. I would encourage you to wait for the results of the impact assessment before taking any firm position on the introduction of a financial transaction tax at EU level.
As regards carbon taxation, I agree that the current taxation model does not fully embrace the polluter-pays principle. I welcome the EP´s support for strengthening the Emissions Trading System, as well as for a comprehensive revision of the Energy Taxation Directive (ETD) to make CO
emission and energy content the basic criteria for the taxation of energy products. A proposal for revision of the ETD is planned for spring 2011.
I hear also your concerns as regards the potential risk of carbon leakage. The Commission favours transitional free allocation of allowances and access to international credits for companies under the Emissions Trading System. We are nevertheless continuing to monitor the current and future risk of carbon leakage. And I am convinced that a solution similar to free allocation under the Emissions Trading System can be included in the ETD revision.
Finally, on Eurobonds, the Commission recognises that, depending on its precise modalities, joint issuance of Eurobonds could benefit bond market efficiency and integration and support for the euro as an international currency. However, this instrument merits further analysis and discussion at technical and political level; moral hazard implications for Member States need to be further examined, in particular."@en1
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"2"1
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