Monday, March 15, 2010

European Parliament asks for a Global tax on financial transactions

clipped from euroalert.net

Plans should be developed for a global tax to discourage excessive risk-taking by financial institutions and ensure that the financial industry pays for the damage caused by the financial crisis, says Parliament in a resolution. If a worldwide tax proves unachievable, the EU could consider the option of going it alone, add MEPs.

Parliament asks the Commission to develop the transaction tax plan in time for the EU to present a common position to present to the G20 in June. The Commission is also asked to assess how such a tax could help stabilise financial markets and prevent a similar crisis by targeting "undesirable" transactions, which should be specifically identified by the Commission, says the resolution.

The Commission and Council are urged to look at how the tax could be used to finance development co-operation and help developing countries to combat climate change, as well as at how the tax could contribute to the EU budget.

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