SI calls for a financial transaction tax

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Meeting of the Council of the Socialist International, New York, 21-22 June 2010

STATEMENT ON THE GLOBAL ECONOMY AND FINANCIAL REFORM: "A financial transaction tax should be implemented on a global level. This tax could bring substantial rvenues and also balance boom and bust cycles in financial markets, which make economic recessions deeper. The Socialist International recognises with satisfaction that European Union is ready to endorse this new idea".

Link: http://socialistinternational.org/viewArticle.cfm?ArticlePageID=1497

DECLARATION - THE CHALLENGES OF GLOBAL DEVELOPMENT IN 2010 – THE ECONOMIC, SOCIAL, ENVIRONMENTAL AND CULTURAL DIMENSIONS The G20 : Toronto Summit plays a crucial role in determining whether states around the world will succeed in adopting global rules to limit and impede the detrimental influence of financial markets left to their own devices. The concluding statements from the G20 summits in Washington, London and Pittsburgh provide an adequate basis for this type of approach. However, it is essential that these proposals are transposed into international and national law. In this context the USA and EU bear a particular and crucial responsibility. First and foremost there is a need for a tax on financial transactions, as proposed by the North-South Commission under the chairmanship of former SI Chairman Willy Brandt as early as 1980. This tax must also be deployed to finance a globally coordinated policy for managing the economic cycle. Additional expenditure for global public goods combines crisis management with sustainable global development policy.

Source: http://socialistinternational.org/viewArticle.cfm?ArticlePageID=1497