Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-01-18-Speech-3-163-984"
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"en.20120118.19.3-163-984"2
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"I believe that we need an effective and long-lasting solution to Europe’s financial crisis. However, I voted against this resolution because of the federalist nature of its proposals and its resolute yet ultimately futile attempts to push for an EU-wide financial transaction tax (FTT). This resolution calls for the use of the ‘Community method’ to create a fiscal and economic union. I am glad that the UK remains outside the eurozone. Giving up your national currency is bad enough, but I cannot imagine giving Brussels the power to scrutinise every penny the British Government spends. The financial crisis in Europe is serious; I cannot understand why Parliament is wasting its time in recommending an EU FTT. Taxation requires the unanimous approval of all 27 Member States and the UK has made it unambiguously clear that it will block such a tax as it would disproportionately affect my home constituency of London. The Commission’s own statistics reveal that the FTT would cost long-term growth in the EU EUR 220 billion with a 90 % decline in derivatives trading. Members of the European Parliament must dismount both their high horse and their hobbyhorse and realise that the FTT is a complete non-starter."@en1
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