Bulgarian MEP: Financial Transactions Tax Can Bring EU EUR 100 B/ Y

Bulgarian MEP from the Party of European Socialists Ivaylo Kalfin. Photo by BGNES

If the European Union introduces a tax on financial transactions, that could bring revenue totaling some EUR 100 B per year to the EU budget, said Bulgarian socialist MEP Ivaylo Kalfin.

"Just Bulgaria could benefit with some EUR 250 M per year from the financial transactions tax," added Kalfin in an interview for the Bulgaria On Air TV channel Saturday.

"The EU is at a crossroads. It will either make a big stride forward or will return to the 1980s and become not much more than a free trade area," commented the socialist MEP.

Kalfin further argued that the introduction of an EU banking union will be more cost-effective for EU members than bailout plans for individual banks.

According to Kalfin, the financial crisis troubling the Union cannot be resolved via the individual efforts of member states.

"A number of issues that are currently decided on the national level must pass under the powers of the EU," argued the Bulgarian MEP.

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