The European Parliament's Report on innovative financing at a global and European level covers mainly new instruments of providing financing to European governments. In the face of debt consolidation, the European Parliament's Report proposes that the Commission determines whether taxation of the financial sector would be feasible. It also asks the Commission for a comprehensive impact assessment regarding a system of common European bonds, it expresses its support for project bonds to finance the Trans-European Network and it supports the strengthening of the Emissions Trading Scheme.

The main issue that the Report is concerned with is a potential tax on financial transactions (FTT). Danuta Hübner MEP, Chairwoman of the Regional Development Committee of the European Parliament and the EPP Group's Spokeswoman on the Innovative Financing Report, said: "It is important that we ensure that all sectors of the economy contribute their fair share towards improving the health of the European Union's economy in order to promote growth and the creation of sustainable jobs. For every new type of tax that is introduced in Europe, we need to judge very carefully what its effects on growth, employment and competitiveness might be when implemented. Only if the European Commission's upcoming impact assessment is favourable of a tax on financial transactions at EU level, will we fully support its future implementation."

During the vote, a majority of the European Parliament voted in favour of the introduction of an FTT at European level as a first step. The results of the European Commission's impact assessment and its proposals are expected by June 2011.

For further information:
Danuta Maria HÜBNER MEP, Tel: +33-3-88-175192
Katarzyna Klaus, EPP Group Press & Communications Service, Tel: +32-484-138359

Notes to Editors:
The EPP Group is by far the largest political group in the European Parliament with 265 Members.