Activities of Ivo STREJČEK related to 2010/2105(INI)
Plenary speeches (1)
Innovative financing at a global and European level (debate)
Amendments (47)
Amendment 3 #
Motion for a resolution
Recital A
Recital A
A. whereas the unprecedented global financiglobal imbal and economic crisis in 2007 revealed significant dysfunctions in thces, regulatory governance (regulatoryion and supervisory framework of the global financial system, which can be described as the combination of unregulated financial markets, overly complex products and non-transparent jurisdictionsion), and monetary policy - together with specific factors inherent in the financial system, such as the complexity and opacity of financial products, short-term featured remuneration systems and inadequate business models - were the three main factors contributing to the current financial crisis that hit the world in 2007,
Amendment 6 #
Motion for a resolution
Recital B
Recital B
B. whereas the spectacular rise in the volume of financial transactions in the global economy within the last decade – a volume which in 2007 reached a level 73.5 times higher than nominal world GDP, mainly owing to the boom oin the derivatives market - is clearly illustrating the growing disconnectionraises legitimate questions about the relation between the relationship between financial transactions and the needs of actors in the real economy,
Amendment 9 #
Motion for a resolution
Recital C
Recital C
Amendment 12 #
Motion for a resolution
Recital D
Recital D
D. whereas at the G20 summits held in Washington in 2008 and in Pittsburgh in 2009 an agreement was reached to implement reforms to strengthen financial markets and regulatory regimes and surveillance in order to make financial institutions assume their fair share of responsibility for the turmoil,
Amendment 13 #
Motion for a resolution
Recital E
Recital E
E. whereas the main burdencost of the costrisis has been assumedborne thus far throughout the world by taxpayers;, whereas there is a growing demand for financial institutions and stakeholders to contribute their fair share to meeting the costsose money governments in many parts of the world used to bail-out private banks and other financial institutions at risk of imminent bankruptcy,
Amendment 17 #
Motion for a resolution
Recital F
Recital F
F. whereas in the EU in particular the cost of the bail-outs has triggered a subsequent fiscal and debt crisis that has placed an unexpected burden on public budgets in several EU Member States and severely endangered job creation and welfare state provision,
Amendment 22 #
Motion for a resolution
Recital G
Recital G
G. whereas short-termism and speculation on the financial markets againstin some cases, short-termism in the European government bonds were market, was an important aggravating factors in the eurozone sovereign deficit crisis in 2009- 2010 and haves exposed the close links between the inefficienciedrawbacks of the financial sector and the problems in guaranteeing the sustainability of public finances at times of excessive budgetary deficits and growing public and private debt,
Amendment 26 #
Motion for a resolution
Recital H
Recital H
H. whereas this prompted the current debate on European economic governance, a key component of which should be measures to strengthen the coordination of taxation policiesStability and Growth Pact, mainly in its preventive part, launch without any further delays unavoidable structural reforms in order to face both the demographic challenge and the challenge of funding pensions, and coordinate fight against tax avoidance, fraud and evasion in order to safeguard tax justice and bring about a, while gradually shift ing the tax burden from labour towards capital, and activities with strong negative externalities,
Amendment 27 #
Motion for a resolution
Recital I
Recital I
I. whereas the crisis has highlighted the need to raisefor more accountability in managing public funds at the local, regional, national and EU level, and for acquiring through an intensification of open, and fair, trade, new, fair and sustainable revenues in order to ensure that fiscal consolidation is effectively combined with long-term economic recovery and the sustainability of public finances, job creation and social inclusion, which are key priorities of the EU 2020 agenda,
Amendment 30 #
Motion for a resolution
Recital J
Recital J
J. whereas the serious budget constraints resulting from the recent crisis come at a time when the EU has entered into highly important commitments at global level, mainly relating to climate-change targets, the Millennium Development Goals and development aid, in particular for climate change adaptation and mitigation for developing countries, which, although unfortunate, commands the individual EU Member State and the EU as a whole, to review these earlier commitments in order to set up new realistic targets to be met, thus avoiding to raise false hopes, and ultimately loose credibility on the world stage,
Amendment 33 #
Motion for a resolution
Recital K a (new)
Recital K a (new)
K a. having regard to the Commission's conclusion in its Communication on the taxation of the financial sector (COM(2010)0549/5) that "in the light of the analysis undertaken to date, FTT appears less suitable for unilateral introduction at EU-level since the risks of relocation are high and would undermine the ability to generate revenue",
Amendment 35 #
Motion for a resolution
Paragraph 1
Paragraph 1
Amendment 43 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. EmphasisNotes that an increase in the rates and the scope of existing taxation tools and further cuts in public expenditure can be neither a sufficient nor a sustainable solution to address the main challenges ahead at European and global level;
Amendment 51 #
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 56 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Notes the IMF proposal for a Financial Activities Tax (FAT), and the Commission's recent commitment to conduct a comprehensive impact assessment of it to evaluate whether FAT is an efficient revenue-oriented tax tool, the revenue from which collected at the national level could help improve the balance sheets of those Member States currently experiencing excessive public deficits;
Amendment 64 #
Motion for a resolution
Paragraph 4
Paragraph 4
Amendment 70 #
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 75 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is concerned that there is a high risk that the momentum behind the proposal toConsiders that G20 leaders acted in good faith when they discussed respectively the introducetion of a global FTT is about to be lost and deplores the fact that the G20 has so far been unable to promote meaningful joint ini; welcomes, in this regard, that collective wisdom prevailed so far in the decision-making process in the EU not to implement an EU-level FTT in the first instance, taking into account serious threats to the viability and competiativeness onf this mattere EU financial markets; calls on the G20 leaders to reach an agreepromote meaningful initiatives such as an independent impact assessment onf the minimum common elements of a global FTT;
Amendment 78 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 86 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Points out that some EU Member States have already introduced similarome types of financial transaction taxes with no apparent negative impact; considers that the impact of these taxes should be closely monitored, both in terms of the possible shift of the flow of financial transactions to other non-EU jurisdictions and as regards the impact on this of the real economy of these Member States and EU's growth in general;
Amendment 99 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 102 #
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 105 #
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 112 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Calls on the Commission also to address in its feasibilityMember States that have implemented some types of financial transaction taxes to also conduct independent impact assessments to study the geographical asymmetry of transactions and revenues and the possibility of a graded or differentiated rate on the basis of the asset category, the nature of the actor involved or the short-term and speculative nature of the transaction;
Amendment 117 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Stresses that an EU FTTy of the already existing types of financial transaction taxes should have the broadest base possible so as to guarantee a level playing field in the financial markets and not drive transactions to less transparent vehicles; considers, therefore, that all spot and derivatives transactions traded on markets as well as Over-The-Counter (OTC) derivatives should be covered;
Amendment 120 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. WelcomNotes, in that context, the recent Commission proposals on OTC derivatives and short selling which impose explicit central clearing and trading repositorys reporting requirements on all OTC derivatives transactions, thus potentially making the implementation of this broad-based EU FTT futax more technically feasible;
Amendment 125 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Stresses the importance of comprehensive rules on exemptions and thresholds for any financial transaction taxes in order to ensure that the main burden is not transferred to retail investors and individuals;
Amendment 126 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. WelcomNotes the recent proposals from the IMF, supported by the Commission, for a tax on bank assets to allow every country to levy between 2 and 4% of GDP to finance future crisis-resolution mechanisms; believes that bank levies should be proportionate to the systemic significance of the credit institution concerned and to the level of risk involved in an activity;
Amendment 128 #
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 130 #
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 138 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Is aware of different options for the management of the additional revenues generated by the taxation of the financial sector at both national and European level; is convinced that in order to safeguard the European added value of the aforementioned innovative financing tools a substantial part of those revenues should be allocated to the EU budget to finance EU projects and policiescompetence of Member States in areas of taxation that any revenue from such taxes should be held at a Member State level;
Amendment 141 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19 a. Notes the Commission's aim to increase the volume of the EU budget through innovative financial instruments and recognises the potential benefits from leveraging private sector funding with public money; is aware, however, that the use of special purpose vehicles for financing projects can result in increased contingent liabilities; believes, therefore, that such measures should be accompanied by fully transparent disclosure with appropriate investment guidelines, risk management, exposure limits, and scrutiny and surveillance procedures, all to be established in a democratically accountable manner;
Amendment 148 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Fully supports Eurobonds as a common debt management instrument based on mutual pooling of parts of sovereign debt to safeguard low interest rates; cCalls on the Commission to move forward with an in-depth impact assessment regarding the feasibility of Eurobonds;
Amendment 155 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. SupportNotes the idea of issuingan enhanced cooperation between EU Member States willing to issue common European bonds to finance Europe'’s significant infrastructure needs and structural projects contributing to the objectives spelled out in the framework of the EU 2020 agenda;
Amendment 157 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21 a. Calls on the Commission and the European Central Bank to investigate the moral hazard implications for Member States of financing critical infrastructure projects via EU Project-bonds or Euro- bonds, especially where such infrastructure projects have a trans- national scope;
Amendment 160 #
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 165 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Stresses that the current taxation model should fully embrace the polluter-pays principle by using innovative financing tools in order to gradually shift the tax burden on to activities which pollute most the environment;
Amendment 171 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Stresses that both tools have a strong double dividend, providing major incentives to gradually shift towards low- carbon-free and, sustainable and renewable energy sources, on the one hand, and significant additional revenue, on the other;
Amendment 175 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Believes adequate tools need to be found to impose a CO2 tax on imported products and services in order to rule out competitive disadvantages for the EU internal market;
Amendment 176 #
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26 a. Considers, however, that a global agreement at G20 level or within the WTO should precede the implementation of such a tax on foreign imports to the EU in order to avoid that this Border Taxation Adjustment tool results in a shortage of raw materials, on the one hand, that are essential for further development of the EU economy, and in many cases the very survival of EU companies, especially SMEs, and, on the other hand, lead to retaliation measures from third-countries against EU exports, which could, not only hamper trade with environmental non tariff barriers (eco-NTBs) and ultimately end up in a global trade war;
Amendment 178 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Believes that a low-rate European carbon-added tax along the lines of VAT imposed on every product within the internal market would be the least distortive and fairest tool; suggests as an alternative a Border Taxation Adjustment negotiated within the WTO framework to provide for the imposition of carbon tariffs on non-EU products imported into the internal market;
Amendment 183 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27 a. Recalls that, despite the global crisis, the European Union as a whole, including its Member States, remains the leading development aid donor, accounting for 56% of the worldwide total, worth €49 billion in 2009, which is confirmed by the EU governments’ collective pledges of reaching 0.56% and 0.70% Official Development Assistance as a percentage of Gross National Income (ODA/GNI) by 2010 and 2015 respectively;
Amendment 185 #
Motion for a resolution
Paragraph 27 b (new)
Paragraph 27 b (new)
27 b. Recalls, in addition, that the Commission made available in 2009 a humanitarian aid budget for humanitarian crises (including food aid) amounting to € 930 million, of which the ACP countries were the biggest recipients with € 506.4 million, or 60% of all humanitarian aid provided;
Amendment 186 #
Motion for a resolution
Paragraph 27 c (new)
Paragraph 27 c (new)
27 c. Stresses the paramount importance of sound financial management in respect to all EU development and humanitarian aid, notably because European institutions involved in the decision- making and implementation of this aid must be fully accountable for to the European citizens and taxpayers;
Amendment 187 #
Motion for a resolution
Subheading 4
Subheading 4
Financing for responsible development
Amendment 188 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Emphasises thatNotes that in order for innovative financing for development canto help traditional development aid mechanisms to achieve their goals on time; stresses that innovative financing for developmen, it should be characterised by diversity of funding, in order to reach maximum revenue potential, but also be fully tailored to each country'’s priorities, with strong country ownership; underlines, nevertheless, the need for developing countries to step up their own efforts in the area of taxation, mainly as regards tax collection and the fight against tax evasion, which are crucial to achieving a sound fiscal policy;
Amendment 193 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Instructs its President to forward this resolution to the Commission, the European Council, the EIB, the ECB and the IMF, the IMF, and the ACP-EU Joint Parliamentary Assembly.