Transparency and the international economy; Cannes G20 postmortem; export credit agencies fail on human rights.
Millennium development goals
Return of the financial transactions tax
Embassy Magazine, Feb. 16, 2011
By John Jacobs
In spite of Canada's attempt to bury it at the Toronto G20 meeting, a tax on financial transactions is back on the global agenda and gaining momentum.
French President Nicolas Sarkozy has pledged to use his term as chair of the G20 to reform the global financial system and curb the speculation that contributed to the economic crisis. At the top of his agenda is an international financial transactions tax (FTT) to fund the fight against poverty and climate change.
G8-G20 summits fall flat, ignore call for sustainable future
This month “Fortress Toronto”, with its 18,000 strong security forces and four kilometer chain link fence, bore witness to a Peoples’ Summit ripe with ideas and alternatives, petitions signed by 1.75 million asking leaders to invest in the future now, a 25,000 strong peaceful protest, media stunts galore, some regrettable violence, and two deeply disappointing summits.
Final script May 22, 2010; release date June 18, 2010.
Bridge to South Korea
Held in Toronto, on Monday and Tuesday, June 21-22, 2010, just ahead of the G8 Summit in Huntsville and the G20 Summit in Toronto, this meeting was intended as a strategy session for civil society organizations, platforms and networks from many G20 countries (and beyond) to discuss diverse perspectives on both the G20 as an institution and priorities with respect to its agenda.
As the outcome of an initial G20 strategy meeting in Washington DC in April of 2010 among various groups, the intention of this broader meeting of national, regional and international networks was three-fold:
Bridge to South Korea
Financial transaction tax is no bank tax
By Fraser Reilly-King
Published June 9, 2010
Big banks can finally breathe a sigh of relief.
This past weekend, Canadian Finance Minister Jim Flaherty managed to rally China, Brazil and South Korea behind him at G20 meetings in Busan, South Korea, and put those pesky discussions about a global bank tax to rest.
Instead of discussing a bank tax at this month's summit, the G20 agreed to "develop principles reflecting the need to protect taxpayers, reduce risks from the financial system, protect the flow of credit in good times and bad, taking into account individual country's circumstances and options."
Robin Hood Tax: Canada misses a chance for Leadership
OTTAWA – The Canadian Government is missing an historic opportunity to offer constructive global leadership by refusing to consider any kind of levy on the global financial sector.
“There are two proposals on the table here,” said Fraser Reilly-King of the Halifax Initiative. “One would save the banks, the other would save the world. At a time when global poverty is rising, along with sea levels, and European economies are crashing, the Harper government is actively campaigning against both.”
A Bank Tax would apply broadly and ensure future bailout funds would come from banks themselves, not the public. Canada’s counterproposal involves “embedded contingent capital,” which would shift the burden to shareholders, turning [contingent] bonds to equity if the banks run into trouble.
Innovative mechanisms for financing development, and in particular the Financial Transactions Tax
by Fraser Reilly-King, Coordinator, Halifax Initiative Coalition
May 6, 2010
My name is Fraser Reilly-King and I am the Coordinator of the Halifax Initiative, a coalition of eighteen development, environment, faith-based, human rights and labour organizations. We focus on international finance issues, in particular with respect to the World Bank, International Monetary Fund and export credit agencies.
2010 G8/G20 Canadian Civil Society Coordinating Committee
Parliamentary Roundtables on the G8/G20 Agendas
Roundtable 3: The Millennium Development Goals
Tuesday, April 27th, 2010 9:00 am - 11:00 am Room 2-2, National Press Building, 165 Sparks Street, Ottawa