Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-12-11-Speech-2-552-000"

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"en.20121211.32.2-552-000"2
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"Mr President, agreement at the G20 on financial transactions, and at the Basel Committee on bank capital, is done to avoid regulatory arbitrage and the dangers of protectionism, but currently both the US and the EU seem to have difficulties in implementing these agreements in several areas. So when a limited FTT is introduced under enhanced cooperation in several European Union Member States shortly, we shall need to safeguard against the dangers of unintended consequences on a local and global basis. Already in the US, a Member of Congress has put forward the Price Bill, explicitly to counteract the residence principle being proposed in the limited EU FTT, to ensure that US businesses cannot be used to collect non-US taxes. Given the state of US-EU negotiations with regard to derivatives regulation in Dodd Frank, EMIR and MiFID, we are already in danger of entering an effective trade war, whereby neither region will cooperate on financial reforms agreed at a global level. So communication on the extent and reach of even a limited EU FTT needs to be a priority."@en1
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