Mr. Algirdas ?emeta:

In respect of the FTT and its scope, the Deputy mentioned the portion of 11 versus 16 member states but those 11 member states constitute 90% of eurozone GDP and 67% of EU GDP so it is a significant group of member states. We will present the assessment of revenues for the 11 member states together with the substantive proposal on FTT. I remind members that the revenue potential for all 27 member states was calculated at €57 billion per year. Of course, the revenues for the 11 member states will be lower but they will not be proportionally lower in terms of the proportion of 11 versus 16.

We are in favour of fair competition. This question is related to a previous one about Europe in the world. It is very important that we gradually make necessary reforms in member states and at EU level which would make Europe as a whole more competitive in the world.

While it is very difficult for many member states to reduce taxes significantly due to their social models, clever design of systems and growth-friendly structures have the potential to make Europe very competitive from a taxation point of view. That is one of the major objectives we are pursuing within the framework of the European semester.