Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-297-000"
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"en.20120523.15.3-297-000"2
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"As one of the main triggers for the financial crisis, the financial sector – which has received huge public subsidies – is not bearing an appropriate share of the costs of the crisis. In the past decade, there has been an increase in short-term transactions and highly speculative transactions in particular. A particular feature of the transformation of the financial sector has been its detachment from the real economy. It is no longer concerned with providing the real economy with the financing it needs, but occupies itself instead with purely virtual financial procedures that can have a destructive effect on market prices and national economies. The financial transaction tax is intended to make dangerous, speculative, highly leveraged transactions unattractive, thereby reducing the likelihood of future crises. As the largest financial market in the world, the EU now wishes to introduce a financial transaction tax. In the long term, it can only be successful if its effect is tailored to the globalisation of the financial sector by means of international agreements. Provided the EU actually succeeds in preventing avoidance of the tax and we avoid transactions shifting to market places outside the jurisdiction of the EU, then I am in favour of the introduction of a financial transaction tax. However, this must not be abused in order to introduce an EU levy by the back door, so that the Union can avoid austerity measures. All the revenue from the financial transaction tax must go into the national budgets."@en1
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