Financial transaction taxes
24.2.2010
ORAL QUESTION WITH DEBATE O-0025/10
pursuant to Rule 115 of the Rules of Procedure
by Sharon Bowles, on behalf of the Committee on Economic and Monetary Affairs
to the Commission
The European Council has emphasised the importance of renewing the economic and social contract between financial institutions and the society they serve and of ensuring that the public benefits in good times and is protected from risk. The European Council has encouraged in this context the IMF to consider the full range of options including, amongst others, a global financial transaction levy in its review. In this regard, the European Council has also called on the Council and the Commission to identify the key principles which new global arrangements would need to respect.
President Barroso stated in Parliament on 15 December 2009 that he thought that a global financial tax is a 'very good idea', particularly with regard to innovative financing of climate change policies. He also informed Parliament that the Commission was working in this area 'in order to put forward proposals at an appropriate time'.
Moreover, the IMF has been seeking views from the public on the matter of financial sector taxation as part of the request made by the G-20 at the Pittsburgh Summit of 24 and 25 September 2009.
Against this background, and in the context of the EU assessing the introduction and consequences of a possible financial transaction tax (FTT) at the EU and global level, will the Commission explain:
- what type of options it is currently working on with regard to the introduction of an FTT;
- what advantages and drawbacks it sees in the options relating to a global or EU financial transaction tax, including their feasibility and the forms they might take;
- whether it would make a proposal if it became clear that our main partners were not introducing such a tax;
- whether financial transaction taxes could be a complementary regulatory tool in the context of financial markets reforms;
- whether such taxes could be used to make the financial system long-term oriented;
- what its current thinking is on how the revenue generated should be allocated;
- whether it will commit to a timetable for the submission of an analytical study and an impact assessment and, if appropriate, bring forward a proposal?
Tabled: 24.02.2010
Forwarded: 26.02.2010
Deadline for reply: 05.03.2010