Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-062-000"

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"en.20120523.3.3-062-000"2
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"Mr President, in the context of a deepening European debt crisis, it is almost beyond comprehension that some EU leaders, and many in this House, believe the imposition of a financial transaction tax to be the stimulus for much-needed growth in stricken economies in Europe. I believe that the financial sector must bear its part in bringing about debt reduction and supporting growth in the economy. However, what has not been recognised here is that the root of the problem is a common currency, with no flexibility for weaker economies, and an explosion of debt, condemning young people to the hopelessness of unemployment and leading to a democratic deficit in Europe, with a move away from the centre towards political extremes. An FTT aimed at raising own resources for European institutions will be a raid on the tax base of the United Kingdom, where, ultimately, small and medium-sized enterprises and ordinary working people will bear the cost."@en1
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