Text tabled : A7-0396/2012

  David Campbell Bannerman (ECR). - Mr President, this proposal is the thin end of a giant EU wedge. It is an attempt to introduce harmonised EU taxation and a common tax regime for the EU. It is intended to save the euro zone, but it is a bit like a drowning man pulling others down with him. While it only applies to eleven countries now, it will be expanded. You can see that happening. The City of London, as one of the largest financial centres in the world, will be its aim.

Therefore, I vigorously oppose this proposal. The Dutch Finance Minister called it catastrophic, and the Swedish Finance Minister called it a very dangerous thing. This is a disastrous proposal and I voted to veto it.