Own resources: Renew Europe spearhead a new start

Our group Renew Europe is proud to have led the negotiations in favour of new revenues for the European budget (“own resources”). Thanks to our impetus, the European Parliament, meeting in plenary session in Strasbourg, is today urging the European Commission to open the debate quickly and without taboo for new European budget revenue.

The EU has legally committed itself in 2020 to repaying the large loan concluded within the framework of the European recovery plan. However, the own resources resulting from the new carbon border tax and the reform of the carbon market should bring in 6.5 billion euros in a full year, while the burden of interest on debt should reach 15 to 20 billion from 2027. Additional resources are therefore essential. Renew Europe has been all the more active in pushing this dossier as the alternative to new revenues would be either to cut common policies such as Erasmus+, or to increase national contributions.

The efforts have paid off since a parliamentary majority has rallied to the principle of a wide range of new, innovative own resources that spare the taxpayer. These are suggestions to feed the reflection of the European Commission, which must present a proposal on this subject by the autumn. In this perspective, Renew Europe insists on the political and not only financial importance of an ambitious revision of the Multiannual Financial Framework. The report recommends:

- A share of future revenue from the new corporate tax harmonization (BEFIT)

- The establishment of an Fair Border Mechanism

- A tax on financial transactions

- The creation of excise duties on share buybacks

- A tax on cryptocurrencies

- A tax on digital giants if the OECD fails

- "Statistical" recipes encouraging States to make progress on issues of equal pay for men and women, sorting and recycling of bio-waste and food waste.

Valérie HAYER (Renaissance, France), European Parliament co-rapporteur for own resources, said:

“Europe is not meant to remain dependent on national budgets. This was the wish of the Founding Fathers. And today, through this report, we are giving new impetus to this project. If there is one entity that can tackle aggressive tax practices, the imperfections of globalization, environmental dumping, it is Europe!”