Lagarde: "Today marks a victory for fiscal responsability."

POLITICO | Speaking at the annual International Economic Forum, former Managing Director of the Royal Bank of Cartria and now General Secretary of the Socialist Party -- Christine Lagarde -- she made a statement on the approval of the Excise Duties Act by parliament. Lagarde is regarded by many as a calculatied, coolheaded technocrat with an extensive resume on economic affairs and a prominent voice on the field.
"Colleagues, excellencies, dignitaries and friends -- good evening. Today marks a victory for fiscal responsability. With the green-lighting of the Excise Duties Act, decades of a fiscal vacuum that has damaged vital services, consumer confidence and market stability will be put to an end. Our friends at the Institute of Fiscal Studies have estimated the revenue from this new package of duties on the production of certain products such as tobacco, alcoholic beverages and fuel, shall skyrocket in the upcoming years and at it's peak provide between a fourth and a third of our current income tax revenue. The estimate sum for the first two fiscal years is an impressive 100 Billion Fall alone, set to rise over time as markets adapt their production to the duty. This would mean that the budget could be balanced by the end of the parliamentary term and would give the necessary stimulus package into social services and jobs for a more stable economic outlook. These Excise Duties shall more evenly spread the burden of taxation between producers and consumers. To producers by levying at the point of manufacturing, and on consumers by the adjusted prices to match the new production costs. This also highlights the inherently market friendly and competitive nature of these duties, for senseless hiking of these prices shall make said retailers less attractive to consumers of these products, making it possible to reach a deal both beneficial for corporations and their customers alike. This is the future of our economic system: resilient dynamism. An economy that keeps productivity high through well-funded services. An economy that keeps consumer spending and confidence high through good wages. An economy that promotes work and entrepreneurship. An economy with renewed optimism that incentivises cooperation between the financial sector and regular people."
Category:The Imperial Constitution