David Casa has been reported in this newspaper as, from the triumphant tone of his press release, proudly voting against a Green Group motion in the European Parliament on the G20 Summit in Pittsburgh and a tax to regulate financial speculation (TMI 10 October, New Labour’s ‘inconsistency’).

His press statement is so predictable. He purposely confuses taxing financial speculation which affects the irresponsible, usually super rich financial speculators who can afford paying such a tax, with other taxes such as VAT and income tax and obviously does not miss the opportunity to hit out at the MEPs from his rival tribe (Labour of course!), for abstaining.

It is indeed sad that such an important discussion about how to regulate financial speculation which has been the ruin of so many people and indeed whole countries has been used by Casa to score some points with his voters. Well, probably that is what the kind of people who vote for the likes of him expect of him and his other colleague, who also, we are told voted against controlling speculation.

Alternattiva Demokratika – The Green Party – has no problem whatsoever on agreeing on the position of the Green Group as explained by MEP Caroline Lucas. Commenting on the G20 summit taking place in Pittsburgh, USA, UK Green MEP Caroline Lucas said: “It’s now or never for the leaders of the world’s biggest economies to make the changes that will support their claims to have learnt the lessons of the financial and economic crisis. Strict and consistent measures must be put in place to regulate financial markets, particularly in regard to hedge and private equity funds. Firm action must be taken against tax havens, with no exceptions or exemptions. Bank bonuses should be capped, and redesigned to reward investment practices that are sustainable, instead of the kind of short-selling that had such a destabilising effect at the origins of the crisis. The introduction of a tax on financial transactions would also put a brake on dangerous speculation, while raising valuable funds that could help to repay the public debts that have piled up from bailing out the banks. If global support cannot yet be won for such a tax, then the Eurozone countries should look to go it alone as a first step. The G20 club of industrialised nations must not forget the situation of developing countries. Only 1.6 per cent of funds released by the IMF since April have gone to developing countries. Leaders at the G20 summit must also recognise the weight of their responsibility in climate change. Now is the time to clearly commit funds to climate adaptation and mitigation measures in developing countries. The EU financial commitment to this should reach at least e35 billion per year by 2020.”

Casa should stop belittle such important issues. It is really sad that our MEPs either vote with the laissez-faire marketers or choose to abstain. On top of that it is also very insulting to our intelligence for David Casa to trivialise and engage in petty, parochial politics on such an issue. Well, he reflects the mentality of a big part of the Maltese population I suppose.

Ralph Cassar

PRO

Alternattiva Demokratika

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