Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-08-Speech-2-292-000"
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"en.20110308.22.2-292-000"2
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"This report talks about ‘innovative financing’. In truth, however, it does not escape from the tired old positions rejecting the most elementary justice. The financial market should have been effectively controlled and regulated a long time ago. A brake should have been applied on speculation a long time ago, whether it involved commodities, including food, property, benefits and pensions, or the sovereign debt of states (to give a few examples). The European Commission, however, obstinately refuses to proceed with these proposals. This is despite knowing that financial losses caused by tax evasion and fraud in Europe are estimated to be between EUR 200 and 250 billion per year, a sum that would be sufficient to reduce public deficits without the need to increase taxes on employment – the
solution. It also obstinately refuses to introduce a financial transaction tax at EU level and is not pressing for its adoption at a global level.
The same applies to the scandalous continued existence of tax havens. These would be ways of bringing in revenue to combat poverty and other persistent economic and social problems. Current estimates of revenue generated from a financial transaction tax, even at a low rate, indicate that around EUR 200 billion per year would be generated at an EU level."@en1
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