Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-304-000"
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"en.20120523.15.3-304-000"2
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"Following the global financial crisis, there was overall agreement that a way had to be found for the financial sector to pay its share of the cost of a crisis which it caused. However, I cannot support Parliament’s report or the Commission proposal as the right instrument to achieve this. Among several problems with Parliament’s report is the uneven negative economic impact of a financial transaction tax (FTT) on the EU Member States, especially those like Malta which have a significant financial sector employing a sizeable share of the labour force. Any FTT should be applied at a global level or, at the very least, should include other key global players. The proposal does not have unanimous support either in the EU27 or in the eurozone-17.
A handful of countries, including my own, oppose the FTT proposal made by the Commission, since if it were to apply only to the EU, it would leave us at a global competitive disadvantage. It is a moot point whether a tax on financial activities – which the IMF supports – would work better than the Commission’s proposal, but I think that the FTT proposal is a missed opportunity. We risk being saddled with a tax which could be economically damaging."@en1
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