Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-272-500"
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"en.20120523.15.3-272-500"2
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"I decided to abstain from the vote on the report on a common system of financial transaction tax because I believe that we need to think more carefully about the consequences, both positive and negative. I am certainly convinced that it would introduce a means of making the internal market grow and become more stable, restricting distortions of competition and the risks of double taxation where national taxes are not coordinated. It would also make a significant contribution to combating financial speculation, which is the main cause of the current crisis. Thirdly, I most certainly agree that there is a need for the European Union to find a way to collect own resources so that it can function more freely.
On the other hand, we need to take into account the fact that not only third countries but even some Member States oppose the adoption of such a tax. This rejection is likely not only to compromise the effectiveness of the tax, but also to produce undesirable effects: there are many examples showing that similar taxes, if applied unilaterally, end up seriously damaging the economy of the country that has adopted them, with a very large number of transactions moving abroad. I therefore consider that, while the tax can be endorsed in principle, it ought to be implemented only by means of a wide agreement involving all the G20 Member States or, at least, all the EU Member States."@en1
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