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A globally implemented tax to discourage excessive risk-taking by financial institutions and to ensure the industry pays for the damage caused by the financial crisis should be considered, believes Parliament's Economic Affairs Committee. If a worldwide tax proves unachievable, the EU could consider going it alone, say MEPs.
In an oral question and resolution adopted on Tuesday on a financial transaction tax, members of the committee also urge the Commission and Council to look at how the tax could be used to help developing countries fund the fight against climate change as well as to finance development cooperation. They should also consider how the tax could contribute to the EU budget, say MEPs.
The Commission is asked to carry out an impact assessment of such a tax, to see how far it could contribute to stabilising financial markets and prevent a similar crisis by targeting "undesirable" transactions.
While preferring a global approach through the G20, MEPs believe the pros and cons of introducing a purely EU-wide tax should be weighed up, even if the EU's main partners do not introduce such a tax.
Any such tax must not harm the banking system's ability to perform its vital role of financing real economy investments, stresses the Economic Affairs Committee.
These issues will be put to the Council and the Commission during the March plenary session in Strasbourg.
