Activities of Anni PODIMATA related to 2010/2105(INI)
Plenary speeches (2)
Innovative financing at a global and European level (debate)
Innovative financing at a global and European level (debate)
Reports (1)
REPORT on innovative financing at global and European level PDF (276 KB) DOC (187 KB)
Amendments (19)
Amendment 1 #
Draft opinion
Paragraph 1
Paragraph 1
1. Points out that successful implementation of the 20-20-20 targets requires substantial financial commitment and new ways of supplementing existing financing for initiatives tackling climate change and energy challenges; encourages efforts by the Commission and Member States to find innovative means of financing through a shift towards basing taxation systems on carbon emissions asstresses therefore the added value of adopting new financial instruments which serve a dual purpose by striking a balance between, on the one hand, the creation of necessary new resources and, on the other, the formulation of basic policies regarding the functioning of the markets, green development and climate change; in this connection encourages efforts by the Commission and Member States to find innovative means of financing through a shift towards basing taxation systems on carbon emissions, implementation for taxation purposes of the ‘polluter pays’ principle and transfer of the principal tax burden from employment to environmentally pollutant sectors and activities; stresses that this would create revenues for the budgetary authorities and climate-friendly incentives to consumers and industry;
Amendment 10 #
Draft opinion
Paragraph 2
Paragraph 2
2. Acknowledges the divergent forms of carbon tax that already exist in some Member States and warns against the risk they pose to competitiveness in the Single Marin sectors not covered by the EU ETS and calls on the Commission and Council to taket and interference with the EU ETS; believes in the greater benefit of introducing carbon taxation in a coordinated manner; calls on the Commission to further examine possible instruments for coordinating carbon taxation for non-ETS sectors at EU levels their point of departure these practices at national level with a view to a substantial revision of the directive on taxation in the energy sector, seeking to introduce energy consumption and carbon dioxide emission criteria; believes in the greater benefit of introducing carbon taxation in a coordinated manner;
Amendment 14 #
Motion for a resolution
Recital E
Recital E
E. whereas the main burden of the cost has been assumed thus far throughout the world by taxpayers; whereas there is a growing demand for financial institutions and stakeholders, that have enjoyed for years excessive returns on equities and in annual bonus payouts and accounted the biggest part of global corporate profits, to contribute their fair share to meeting the costs,
Amendment 20 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
F a. whereas EU response to the financial crisis consisted on implementing a new integrated financial supervisor architecture in order to limit the risks for a future crisis,
Amendment 20 #
Draft opinion
Paragraph 3
Paragraph 3
3. Stresses that any innovative form of EU- coordinated climate change taxation should have some of its revenues earmarked for financing R&D and measures aimed at reducing carbon emissions, stimulating energy efficiency and improving energy infrastructure in the EU;
Amendment 34 #
Draft opinion
Paragraph 5
Paragraph 5
Amendment 40 #
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Underlines the important impact that financial speculation on commodities such as crude, gas and food supplies and financial practices such as high frequency trading have on the price of energy and on land use; considers therefore that a tax on speculative transactions could be an important tool to restore transparency and efficiency in energy market and land management and thus to achieve EU key goals on energy efficiency and climate change;
Amendment 58 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Stresses that in the aftermath of the crisis EU needs to convince its citizens that it has the will and the tools to go forward with a balanced combination of fiscal consolidation strategy with stimulus policies in order to safeguard a long-term economic recovery;
Amendment 62 #
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3 b. Recalls that the financial damage caused by tax evasion and tax fraud in Europe is estimated between EUR 200 and 250 billion every year; points out against this background that innovative financing should not only focus on new tools but also on substantial progress in combating tax evasion and tax fraud, which would have significant budgetary impacts;
Amendment 87 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Points out that some EU Member States have already introduced similar types of taxes on specific financial transaction taxes, with no apparent negative impactspecific evidence of negative impact on the real economy; highlights morevore that in view of several Member States' announcing or intentions to move forward with national taxation on financial transactions or activities an EU coordination is the best way to proceed;
Amendment 95 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Is confident that the majority of the investors are reluctant to transfer their activity to opaque or unknown jurisdictions; stresses, at the same time, that the flaw of merely speculative transactions will not have detrimental effects but in the contrary may contribute to increasing market efficiency;
Amendment 98 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. Underlines that an EU FTT in combination with the new financial supervisory framework can ensure significant transparency to EU financial markets and thus provide with a substantial advantage for EU competitiveness;
Amendment 108 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Deplores the recent Commission Communication, which comes down against the introduction of an EU FTT not on the basis of comprehensive, evidence- based research, but on that of the general argument of the competitive disadvantage for the EU economy; considers that the burden of the proof regarding possible drawbacks lies within the Commission;
Amendment 123 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. StressesUnderlines that for a number of major markets such as equities, derivatives, commodities, high yield debt and foreign exchange the burden of the tax incidence will be borne mainly by high frequency large scale investors such as hedge funds, as well as other big investors such as investment and commercial banks; stresses, however, the importance of comprehensive rules on exemptions and thresholds in order to ensure that the main burden is not transferred to retail investors and individuals;
Amendment 137 #
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 policies; calls for a broad debate within EU institutions, national parliaments, EU stakeholders and representatives from the civil society on the choice regarding those policies, the determination of the part which will be allocated at EU level and the various ways of achieving this;
Amendment 144 #
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; calls on the Commission to move forward with an in- depth impact assessment regarding the feasibility of Eurobonds; believes that Eurobonds can ensure sufficient liquidity in the european bond market and will thereby contribute significantly to financial stability and the necessary consolidation of public finances;
Amendment 151 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Supports the idea of issuing common European project bonds to finance Europe'’s significant infrastructure needs and structural projects in the framework of the EU 2020 agenda and in view of anticipated new EU strategies such as the new Strategy on Energy Infrastructure Development; believes that this could provide the important boost for European interest projects which have today poor or no commercial viability due to the absence of long term market investments and become an important mechanism for maximum leverage of public support;
Amendment 172 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25 a. Believes that carbon tax and the revision of the energy taxation directive should set the minimum mandatory requirements for all Member States, leaving it to the competence of each Member State to move further on if it decides to do so;
Amendment 173 #
Motion for a resolution
Paragraph 25 b (new)
Paragraph 25 b (new)
25 b. Underlines that adequate transitional periods should be foreseen in order to avoid carbon leakages and to prevent overwhelming burden to be shifted to the low income consumers; moreover considers it useful to foresee specific targeted measures in favour of low income households and to enhance investments in public sector infrastructure and in household’s energy efficiency;