Algirdas Šemeta: "we can lead by example with the Financial Transaction Tax"

What would be an acceptable level of tax that could be actually implemented, and what amount of revenue would you expect then?
The Commission has proposed minimum rates. The exchange of shares and bonds would be taxed at a rate of 0.1% and derivative contracts at a rate of 0.01%. I expect this could approximately raise €57 billion every year.
 
What would be the area where the tax would be in force? The whole EU? The Euro-zone only? And on what kind of transactions?
The Commission tabled a proposal for all 27 EU Member States and I will work for agreement at 27 because I believe it has real benefits to deliver for all EU citizens. This is about fairness and meeting the legitimate expectations of citizens across Europe. 65% of the population in the EU is in favour of an FTT. It is also about making things easier for businesses by avoiding a patchwork of national approaches. 10 Member States already have a form of FTT in place. So an agreement amongst the 27 Member States is my preferred outcome. 
The tax will be levied on all transactions on financial instruments between financial institutions. This would include products such as shares, bonds, derivatives and structured financial products. The minimum tax rates proposed are very low so as to avoid damage to the real economy due to an increased cost of capital. We have excluded the day-to-day financial activities of ordinary citizens and businesses, in order to protect them and ring-fence the real economy.
 
How would be spent the money gathered from this tax? We’ve heard so many proposals that we feel that this money has been spent ten times already…
In fact, it is possible for this revenue to have multiple benefits. The share that goes to Member States could help in their consolidation efforts, bolstering national budgets, or it could be invested intelligently into growth-promoting measures. The share for the EU budget could help fund wider policy goals, such as development and climate change for instance. It is important to note that if the FTT is partially used to fund the EU budget, Member States will see a corresponding reduction in the amount they have to contribute to the EU. 
However, no formal decision has been taken on how FTT revenues might be spent yet. This is for the EU Member States and at a later stage for the European Parliament to decide where the income of an FTT would go.
 
Does the EU really have the means to implement such tax, with the opposition of the USA or China for instance?
A global approach to the FTT remains our ultimate goal. We know that this is the ideal way to help fund global challenges and ensure greater financial stability and fiscal justice worldwide. The best way to achieve this is for the EU to take the first step: to implement a well-designed and workable FTT, as I believe we have proposed. Others will soon follow as they see it achieve its objectives and deliver considerable benefits. This wouldn't be the first time that Europe pioneers a global movement – look all that has been achieved in Climate Change as a result of the EU pushing ahead with high ambitions. I strongly believe that we can lead by example with the FTT too.