Www.leadinggroup.org/IMG/pdf_Financement_innovants_web_def.pdf. G20 ministers and IMF should endorse financial transactions tax to meet looming public resources gap. ITUC General Secretary General Guy Ryder responded to the IMF’s interim report for the G20 on “A Fair and Substantial Contribution by the Financial Sector” in the following terms: “We note that although the IMF report devoted only 3 of its 57 pages to the FTT, it recognises that a sufficient basis exists for practical implementation of at least some form of FTT and that implementation challenges are no different from the IMF report’s preferred options”.
The IMF’s proposal to G20 governments is to create a new two-tier tax system: (i) a Financial Stability Contribution (FSC) to fund the direct cost of future bank failures and (ii) a Financial Activities Tax (FAT) levied on “high levels of remuneration” and “excess” profits to cover for the “wider costs associated with financial crises”. Both the FSC and the FAT would apply to all financial institutions, including banks and hedge funds. “G20 governments need to show ambition. Www.nepad.org/system/files/'We need to increase our levels of investments into agriculture in Africa' says Mayaki (Final 24 8 2010) (2).pdf.
France-Diplomatie - Currency Transaction Tax. At UN, French President Sarkozy Demands Financial Transaction Tax on Banks; Tobin Genie Now Out of the Bottle Worldwide; Time to Mobilize Against Finance Capital on This Issue. Webster G. TarpleyTARPLEY.net September 22, 2010 French President Nicolas Sarkozy has spoken the magic words: “Tax the banks,” and this is the big news from the opening day of this year’s UN General Assembly plenary session in New York. For reasons which have much to do with internal French political struggles, Sarkozy has thus placed the central question of the age on the international agenda: Who will pay the costs of the world economic depression? Will it be the bankers, speculators, derivatives mongers, asset strippers, and hedge fund hyenas who have created the current depression through the bubble economy of the last decades?
The financial transaction tax is the key to making the bankers pay for their own crimes. “We have no right to shelter behind the economic crisis as supposed grounds for doing less,” said Sarkozy, who noted that government budgets are everywhere under tremendous pressure. And such an outcome is far from being automatic.
So yes, Sarkozy has an agenda. Www.fao.org/docrep/013/i1683e/i1683e05.pdf. Documents-dds-ny.un.org/doc/UNDOC/LTD/N10/609/57/pdf/N1060957.pdf?OpenElement. Documents-dds-ny.un.org/doc/UNDOC/GEN/G10/112/31/pdf/G1011231.pdf?OpenElement. French environment ministry coming out in favour of a green CAP | capreform.eu. In a smart move, the Ministry proposes to keep the current €10 billion CAP budget for France – thus making the proposals more appealing to its domestic audience – and it uses the budget issue as a stick/carrot: a large budget can only be justified for a green CAP.
The money is allocated to several instruments (doing away with the traditional two-pillar structure): * €3 billion for direct income support, available to all farmers in the EU at an equal level, without any historic base. National governments could have the possibility to top up these payments. A flexible component could be introduced to soften fluctuation in prices and regional yields. The Ministry also recalls the polluter pays principle and proposes to consider taxes on the harmful aspects of farming.
There are some elements that raise concern. Despite some minor flaws and tactical compromises, this is a great document. The position paper can be downloaded in French here. Latest posts by Valentin Zahrnt.