Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-274-031"
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"en.20120523.15.3-274-031"2
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"The introduction of a financial transaction tax would achieve the dual aim of discouraging very short-term speculation, which often upsets the markets by generating speculative bubbles, and producing a significant amount of resources, which could contribute to reviving the real economy. In fact, the Commission’s estimates indicate that introducing a rate of 0.01% on derivatives and 0.1% on other activities would lead to revenues of EUR 58 billion. In addition, introducing this tax would bring in an element of fairness, involving the financial markets in the process of consolidating public finances, and discouraging the over-risky investment practices that led us to the current crisis. I therefore voted in favour of this report. However, I would like to stress that the European Parliament only has the power to express an opinion, because for tax issues, unanimity is required in Council. I therefore hope that the resistance of some countries can be overcome, and that this instrument for stability can be introduced, in the end. Finally, I would like to stress that the introduction of this tax at the European level might be the lever required for its adoption worldwide, which is vital in order to avoid distortion effects and capital flight from European markets."@en1
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