Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-534-000"
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"en.20111115.31.2-534-000"2
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"Mr President, global financial markets are in chaos, pensioners are worried about their financial security and companies are too nervous to invest in the EU. Commissioner Šemeta was therefore right when he said that growth prospects are slowing down and public finances, and Europe’s social economic models, are at risk. This is why we should have serious doubts about his proposal to introduce a policy which, it is estimated, could cost the EU 0.5% of GDP.
Now is not the time to put our fragile European economy at risk by introducing an EU financial transaction tax (FTT). It may be politically popular for the Commissioner to claim this move is punishing the banks, but in reality, the effects of an EU FTT would resonate through the entire economy. Taxing financial transactions does not just affect banks. It would have a material effect on pension funds, other long-term investors and businesses, all of whom we should be encouraging to invest in the EU; we should not be putting up barriers to make it even more difficult for them. Introducing knee-jerk legislation is one of the worst possible things we could do to the EU economy in these troubled times. Growth in a single market, not tax, needs to be our focus."@en1
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