Sarkozy will propose an FTT to fund development aid

2011/09/02
This is an extract from his speech.

To speak of development, is to speak of financing for development. Faced with the difficulties of the developed countries to increase ODA, everyone knows that innovative financing is a necessity. With Angela Merkel, we defend the idea of a tax on financial transactions. Our goal is for Europe
to set an example of what can be done, and for others to align themselves with this initiative at the G20 summit in Cannes. I hope, Ladies and Gentlemen, you are very active within the next two months to defend the idea of a tax on financial transactions. France is at the forefront of this fight. Moreover, when buying a property no one has a problem that the
transaction should be taxed. Nobody has a problem when purchasing personal property, or a commodity, that the transaction should be taxed. How is it that the only transaction that is never taxed, is financial transactions ? And who will dare tell the world that the financial sector was so exemplary
at the time of the financial crisis that it must absolutely be shielded from any hint of taxation of financial transactions? Who will dare say this to the peoples of the world? Of course, if we wait for everyone to agree, we will be waiting a long time. I was talking earlier about smokescreens : well, global agreement is a smokescreen.

Europe must lead by example, Europe has ideas to defend, Europe must adopt the tax on financial transactions, at the request of Germany and France. Then, with the most advanced countries, we will build a group of leading governments joining us in this taxation of financial transactions.

source: Elysée