Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-031-000"
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"en.20120523.3.3-031-000"2
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"Mr President, as co-founder of the inter-group working party on the Tobin tax in 1999 here in Parliament, I recall very well how we were completely sidelined and pretty much treated as a laughing stock. The turnaround in mood to the point where a majority now realise the necessity of a financial transaction tax, particularly the Commission, is very much to be welcomed. Now it is a matter of winning the numbers game.
The arguments we have just heard put forward suggest that the revenues would amount to EUR 50 million, when in reality we are talking about potential revenue of EUR 60 billion. We now have to prevent what we consider to be propaganda from the United Kingdom from taking root among the people of continental Europe. It is not true that it will massively harm those who have put money into pension funds. One could argue, in particular, that the opposite is true if pension funds pursue long-term investment strategies.
The important thing, of course, is that the money does not just go into the EU budget, but rather that it actually benefits those who have unjustly suffered in the crisis; in other words, that it is actually invested in measures to promote growth. Studies already show that the allegedly negative effect of the loss of economic power can be turned around, that the financial transaction tax can even result in economic growth; so all these arguments that we are hearing, driven by the City of London, can be refuted."@en1
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