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Verbatim report of proceedings
Thursday, 13 December 2012 - Strasbourg Revised edition

Explanations of vote
MPphoto
 

Text tabled : A7-0396/2012

  Emer Costello (S&D). - Mr President, I supported this report. While I believe that a financial transaction tax across all 27 Member States should remain the ultimate objective, I cautiously welcome the enhanced cooperation process of 11 Member States as a first step towards achieving this. An FTT across all 27 Member States is the stated policy of the S&D Group in the European Parliament and an initiative which we have supported for a number of years. If implemented across the EU, the Commission estimates that an FTT could raise EUR 54 billion for the EU budget by 2020 and EUR 534 million for Ireland alone.

An FTT would represent a source of independently generated revenue for the EU. It would ensure that banks and other financial institutions make additional contributions towards solving Europe’s debt crisis and could be used to help finance the Youth Guarantee recommendation, which would help stem the growing tide of youth unemployment. This would significantly help to restore public confidence in the political and banking systems, which have been hurt as a result of the crisis.

 
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