After the publications of the consortium of European journalists it is clear: The Cum-Ex/Cum-Cum scandal is a European scandal. Thus, it must have European consequences. I have written several letters to the EBA, ESMA and the representatives of the Economic and Monetary Affairs Committee to demand consequences. We Greens have also (like the Left Group) successfully requested a plenary debate on the Cum-Ex scandal, which will take place today at 3 pm.
MEP Sven Giegold, financial and economic policy spokesperson of the Greens/EFA group commented:
“CumEx is the biggest European tax scandal. The answer to this major European tax scandal can only lie in common European action. Now the European financial supervisory authorities should take their responsibilities. We need a European investigation into the scandal and tough consequences. The theft of taxpayers‘ money worth billions must be stopped resolutely. We need a European investigation into the scandal by the financial supervisory authorities. The financial supervisory authorities must use all their special powers to restore the integrity of the European financial markets. A temporary ban on trading practices must not remain a taboo in Europe. It is the task of the EU financial watchdogs to protect taxpayers against white-collar crime.
The political silence on the new revelations of the CumEx deals is poison for democracy. There must be no habituation effect when it comes to tax scandals. The speechlessness of the politics suggests a lack of power in the face of fatal business practices of some banks, lawyers and tax counsels. I don’t want to get used to tax theft. Politicians must close every known tax loophole and punish illegal activities harshly. The impression that the financial system is walking all over democracy must be strictly avoided.”
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The plenary debate can be followed in livestream from 3 p.m. on. The debate on Cum-Ex is the second item on the agenda:
http://www.europarl.europa.eu/ep-live/de/plenary/
http://www.europarl.europa.eu/plenary/de/home.html
My letter to the European Securities and Markets Authority (ESMA):
https://sven-giegold.de/wp-content/uploads/2018/10/Brief_ESMA_CUM-Ex.pdf
My letter to the European Banking Authority (EBA):
https://sven-giegold.de/wp-content/uploads/2018/10/Brief_EBA_CUM-Ex.pdf
My letter to the representatives of the Committee on Economic and Monetary Affairs (ECON) in the European Parliament:
https://sven-giegold.de/wp-content/uploads/2018/10/Brief_ECONCoordinators_CUM-Ex.pdf