Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-113-000"
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"en.20120523.5.3-113-000"2
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"The financial sector was one of the major causes of the financial crisis. Citizens of all countries have had to foot the bill in order to save the financial sector and overcome the repercussions of the crisis. In the EU, we are combating this crisis, the result of which has been an increase in direct and indirect taxation and a significant reduction in salaries and pensions. At the same time, the financial sector is the only sector still largely exempt from taxation on its activities and transactions.
It cannot continue to function in such a way whereby someone benefits in both good times and bad, and the people will always have to bear the costs.
What we want to implement is actually an indirect tax, so that nobody is punished and our citizens will not be affected. Saying that, the tax is so low that the concerns raised here are not justified. Nine countries in Europe have already introduced some kind of financial transaction tax and the result has not led to financial leakage.
High-frequency trading has no productive effect and seriously disrupts market prices and the functioning of our economies. The role of the financial sector is to support the real economy, sustainable growth, employment and productive investment, not speculation and risk. In higher income countries, the FTT project may lead to higher growth in their economies and establish the basis for a mechanism for the elimination of further crises."@en1
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