Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-07-Speech-1-039-000"
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"en.20110307.17.1-039-000"2
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"Mr President, I would like to acknowledge the work of our fellow Member, Mrs Podimata, which actually tackles several highly sensitive topics. I will not discuss Eurobonds, which I am dealing with myself in my report on economic governance. I would like to raise three issues regarding the tax on financial transactions.
Firstly, do we need new sources of revenue and do we have the right, in this Parliament, to discuss the revenue side from time to time? My answer to this is ‘yes’. There are some taboos in Europe; however, it is my belief that we will be unable to have a comprehensive discussion on how to end the crisis if we cannot tackle this topic without taboos, and so I welcome the work carried out by Commissioner Šemeta on alternative taxation.
Secondly, do we need a tax on financial transactions? In my opinion, it is an extremely interesting avenue to explore. I would refer, for example, to the work recently carried out by the European Central Bank in the consultation organised by the Commission on the Markets in Financial Instruments Directive (MiFID), and, in particular, to the section on high-frequency trading, that is to say, extremely rapid transactions performed by computers. It is clear that there have been some recent and dangerous developments, and here I share Mr Ferber’s view that we must make a distinction between market activities which allow liquidity to be raised and those of a more speculative and probably harmful nature.
My third and final question is: do we need global or European rules? I would like to know what is meant by ‘global’. Are we going to wait until the world’s last remaining dictatorship has given its go-ahead before we make a decision on something in the European Union? Are we hiding behind globalisation in order to avoid facing up to our responsibilities? I think that that would be completely unreasonable. Clearly, we must consider the risk of relocation – we are not irresponsible – but, on the other hand, this Parliament should not make its decisions under threat."@en1
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