mr president anyone who looks at the recent financial crisis will wonder how we allowed regulation and supervision to lead to a situation where we ended up with banks being deemed too big to fail and billions in taxpayers money being used to prop up these banks
so when one thinks about this idea of a global financial transaction tax it may seem reasonable if we want to help the victims of the financial crisis and also help those in poorer countries
but if we think about how this would actually be imposed and the real impact and we follow it through the chain within the financial markets in reality you would find banks passing these costs on to their customers
it would also impact heavily on those of us who want to trade with developing countries or entrepreneurs in developing countries who want to trade with the rest of the world and hit the cost of insurance which is such a vital part of international trade
if we really want to tackle this problem we should not be handing billions in taxpayers money to corrupt or incompetent governments
we should be making sure that we lift tariff barriers in both the eu and poor countries to help entrepreneurs in poorer countries to create wealth and take people out of poverty
