EP Committee on Economic and Monetary Affairs:

Type: News   Reference: 81524   Duration: 00:03:32  Lieu: Brussels, Belgium - European Parliament
End production: 09/01/2012   First transmission: 09/01/2012
- extracts from the meeting on Economic governance and financial transaction tax Many Members from different political groups do support the proposal from the European Commission. One main point during the discussion was, how to avoid tax evasion. The proposal seems to give the right answer. It was underlined, that the regulation foreseen should not be mixed up with the so called Tobin-tax. Sirpa Pietikainen (EPP, FI), voiced the large majority view that the tax would need to be implemented by, at the very least, all the Eurozone countries. Pascal Canfin (Greens, FR), rejected the argument that "ordinary consumers" would see the cost of the tax shifted to them, noting that the main "consumers" on financial markets are in fact high-frequency traders and banks trading for their own profit. Jürgen Klute (GUE/NGL, DE), argued that the tax would not constitute "revenge" on the financial sector but rather make it share some of the burden of the crisis, along with all other sectors. A damaging tax The ECR group struck a lone chord with all its representatives warning of the dangers of the tax. "Relocation [of financial players] will take place within weeks at most", Mr Strejcek said, adding that banks should not be penalised since it was states, not banks, which were most responsible for the crisis. Marta Andreasen (EFD, UK) also said that she found it "incredible that we are discussing a financial transaction tax for 2014 when the Euro is burning". Next steps The draft report is scheduled to be presented on 28 February, put to a committee vote in early April and a plenary one in June. Parliament has a legal right to present an opinion on the Commission proposal. In the Chair: Wolf Klinz (ALDE, DE)

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00:00:05 Exterior shot 00:00:05
00:00:10 Sondbite Anni PODIMATA (S&D, EL) in Greek: “ “It is very important also to create incentives. It is important to have new regulations for the financial sector. We already have a reform for the financial sector. It needs to be complemented. It is going to be an instrument which complements what already exists. To allow a number of different transactions to be deterred.” 00:00:33
00:00:43 Soundbite Sirpa PIETIKÄINEN (EPP, FI) in english: “Where actually do have the problem is the prevention of evasion, avoidance and abuse. So as we all kno the tax evasion, quite often lies in details in implementation. There is quite a lot details to be looked at in more details. 00:00:24
00:01:07 Soundbite Wolf KLINZ (ALDE, DE), in German: „I changed my mind. And I do not hesitate to confirm this even with the presence of my liberal colleaugues. I changed my mind because I had amit, that the financial sector did not draw the lesson we expected. This is my personal point of view. Therefore we need appropriate tax meassures to give the financial secor his responsability.“ 00:00:34
00:01:41 Soundbite Ivo STREJČEK (ECR, CZ), in Czech: “I think it is not responsabil to say, that the banks did cause the crisis. I would like to raise this issue, to argue that. We are still admit the crisis, it is extremly difficult to say who was responsible for what exactly. Secondly I do not believe that the banks who where in a long term in that decision making processes did mistakes. I do believe the states did a mistake. Banks where simply lending money to the states activity.” 00:00:47
00:02:28 Soundbite CANFIN, Pascal (Greens/EFA, FR) in French: “It is evident that we want all worldwide taxation, it is evident too that we want all an EU-wide taxation with 27 member-states. But it is evident too, that I can not see how the government in the UK could change his mind in the following weeks. In any case I do not have any information about this. Therefor we need to foreseen a solution with 27 member states or less. And I think this is the goal of our report. I think we need minimum the member states of the Euro-Zone to participate.” 00:00:38
00:03:06 Cut aways (5) 00:00:26
00:03:32 3:32 END 00:00:00
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