MARIE O’HALLORAN<\/strong><\/p>\n Wed, Sep 22, 2010<\/p>\n IRELAND\u2019S CORPORATION tax policy has come in for renewed criticism with a senior member of the German Greens describing it as an \u201cunjustified privilege\u201d and \u201cillegitimate preference\u201d.<\/p>\n Sven Giegold said the bond spreads or cost of borrowing for Ireland \u201chave reached Greek levels, creating a crisis for the euro zone\u201d. He said Ireland would have to \u201cnegotiate\u201d on its corporation tax rate, if the State was to seek funding from the European stability fund.<\/p>\n \u201cYou cannot ask for European solidarity while not being ready to accept a certain level of harmonisation in the tax system,\u201d he said.<\/p>\n Mr Giegold also criticised Ireland, Spain and some eastern European states, \u201cfor not daring to interfere with a booming property market\u201d.<\/p>\n He was speaking in advance of a debate and vote today in Strasbourg on a deal between the parliament and the EU Council of Ministers on the establishment of four authorities to monitor and supervise the financial sector.<\/p>\n Mr Giegold is co-ordinator of the parliament\u2019s approach to the Securities and Markets Authority.<\/p>\n He said the State had suffered \u201cfrom an excessive boom and politicians in Ireland just as in some eastern European countries and in Spain, have allowed this boom to happen\u201d.<\/p>\n Mr Giegold said that if Ireland sought access to the special stabilisation fund, Germans \u201cwould ask questions first as whether there is more co-operation to harmonise certain tax measures in Europe\u201d.<\/p>\n