Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-08-Speech-2-177-000"
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"en.20110308.22.2-177-000"2
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"Mr President, a large majority in Parliament has once again decided that we here in this House are to support a financial transaction tax. Of all the taxes that we could possibly adopt, the so-called Tobin tax is the most stupid of all. The only positive thing that can be said about this tax is that it has never come to anything, because if it was the Beast of the Apocalypse, why was it not implemented many years ago?
The first time it came up for consideration was right back at the beginning of the 1970s. However, every time there is a crisis, this old chestnut is reeled out, and after a little while, we come to the conclusion that it is not a good idea. It is simply not a good idea to introduce a tax in Europe alone because we have safe havens, and so the capital can move to somewhere else in Europe. It is a tax on trade rather than on profits. The Tobin tax does not provide a solution to anything at all, and Mr Tobin himself acknowledged that a few years ago."@en1
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