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It will have permanent consequences on financial markets because we have this European-denominated debt to be repaid in the next 30 years, on the future -- if this instrument works and we are able to agree on the new own resources to repay this common debt, I think we can have a serious discussion on further initiatives.
At the end of this process, the country (that presents a draft spending plan) receives 13% of the overall plan that is presented, this means that in late spring, the Commission will go to financial markets to raise this money... with the goal of disbursing the pre-financing of this 13% to each country with an approved plan.
I very much regret the U.S.' move to put the brakes on international talks on taxation of the digital economy. I hope that this will be a temporary setback rather than a definitive stop, the European Commission wants a global solution to bring corporate taxation into the 21st century – and we believe the OECD's two-pillar approach is the right one.
My first task will be to see whether it is possible to introduce a web tax at the OECD/G20 level, that is to say at a global level, because that would be the most effective solution, the Commission will seek to reach an accord by 2020 but if that's not possible my mission will be to propose a European web tax ... we're not prepared to wait.
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