The economic crisis has brought taxes on financial transactions, formerly championed by the anti-globalisation movement, back on the table: Those who benefit from risky investments should also pay for incurring costs, says MEP Markus Ferber. And oversight

Interview: Let bankers pay for bailouts

You are calling for tougher rules   regarding the Stability and Growth Pact

and for the introduction   of a European financial transaction tax.

The simple fact is   that we cannot ask tax payers

to take responsibility for debts   which other countries have amassed.

has led to the creation of an emergency   loan package for the entire Eurozone.

The sector which contributed to   creating this crisis in the first place

has been let off the hook,   but a transaction tax makes sense.

The financial sector must share   the responsibility for handling the crisis

as well as the cost   involved in handling the crisis.

Regarding the Stability Pact   we have to ensure

that the shortcomings   which have been exposed

are rectified in a way   that prevents future misconduct.

There has been much talk about   the introduction of a debt brake law,

I'm proud of the fact that the introduction   of the debt brake law in Germany

gave constitutional status   to the rules of the Stability Pact there.

Germany has a different system   to France, Portugal or Greece

But the fact   that we have a constitutional rule

defining the financial relationship between   the Federal Government and the Länder

that matches the commitments   of the Federal Government at EU level

should be seen as an example   to all Member States.

Do you think that this would prevent   future crises within the Eurozone?

markets have doubts over the   financial credibility of certain countries.

capable of covering   the debt interest and repayments?

Risk premiums are pushed up if   markets have doubts over these things.

As we have seen over the last few weeks,   the markets' assessments

of some of the Eurozone economies   have been rather negative.

Introducing a debt brake law   would send a strong signal to the markets

that the countries are capable   of servicing and repaying their debt.

You were initially   highly critical towards Greece.

You said very clearly that   a pension age of 53 was impossible

when others were considering   an age of 67.

You also criticised Greece's   public sector.

Have you changed your mind   in some ways?

Are you feeling more solidarity   towards Greece?

In terms of solidarity,   the initial question was:

Who has the authority   to impose tougher rules?

Neither the EU nor the ECB nor   the Eurozone have the power to do so.

That's why I backed the German   chancellor in her call for IMF involvement

because the IMF can impose   the necessary measures.

With an early bailout in March,   Greece would have spent the money

without introducing any measures   to reduce its deficit.

What concrete measures   are you calling for?

There is a lot of talk   about budgetary control,

to carry out thorough checks on   the Eurozone countries' draft budgets

before they are approved   by the national parliaments.

In its verdict about the Lisbon Treaty   the Federal Constitutional Court ruled

that the State has the right to retain   sovereignty over budgetary decisions

and that this right is to be safeguarded.

Therefore Germany must act   in accordance with Basic Law.

Budgets should only be monitored   if countries don't play by the rules.

Luxembourg, with new borrowing   of only 1.7% of GDP, should be exempt.

But Germany with 5.7%,   that's another matter.

If no measures   are taken within a year,

then I think it is right,   as was the case with Greece,

to impose strict spending cuts   for the next budget.

that rewards countries   which play by the rules.

But crucially, the financial information   has to be objective and transparent.

This means allowing the EU,   via its statistics agency Eurostat,

to assess countries' finances   independently

instead of relying   on the figures provided.

In this way we could prevent   many of the problems

Mr Ferber, thank you very much.   - You're welcome.