This headline is translated from that of an article in the French newspaper L’Expansion which is in French, with a rough web translation here . It is commenting on a report from the French government’s Centre d’analyse stratégique (Centre for Strategic Analysis.)
The report identifies 50″Offshore Financial Centres (OFCs)” or “prudential havens” as it calls some of them, and the newspaper summarises the report by saying
“These OFCs have played a major role in the production of financial engineering for the rest of the world. Their degree of financial integration with traditional financial centres makes them decisive actors in propagating systemic risk during the crisis.”
The Madrid meeting of trade union leaders states that green en decent jobs, social protection and a Financial Transaction Tax must be on the Rio+20 Agenda.
Austrian Institute of Economic Research
A General Financial Transactions Tax: Motives,
Effects and Implementation
Summary of a presentation at the Brussels Tax Forum 2011 on March 29, 2011
Arguments in favour of a General Financial Transactions Tax
The main propositions underlying the concept of a general financial transactions tax (FTT) can be summarized as follows:
The IMF will help poor countries to improve their tax systems ...
The long awaited World Development Report 2011 on 'Conflict, Security and Development' has finally been released!
Little progress is made in G20 fight against tax evasion.
“….Poor.Economics is a book about the very rich economics that emerges from understanding the economic lives of the poor. It is a book about the kinds of theories that help us make sense of both what the poor are able to achieve and where, and for what reason, they need a push.
The crisis has shattered the economlic orthodoxy ...
6/4/2011 - Aid flows from OECD Development Assistance Committee (DAC) donor countries totalled USD 129 billion in 2010, the highest level ever, and an increase of 6.5% over 2009. This represents about 0.32% of the combined gross national income (GNI) of DAC member countries.
A unilateral financial transactions tax by the eurozone is becoming increasingly likely, according to Financial Times Deutschland, after Jean-Claude Juncker, who had previous been sceptical, is now fully in favour. Under discussion is a transactions tax of 0.1% to 0.5% of turnover. The pressure on this issue comes from the European Council. The European Commission has been sceptical, and pressure is now growing on Algirdas Semeta, the tax commission to develop a proposal. Juncker said he had preferred to levy such a tax at G20 level, but since this is not possible, the eurozone, should press ahead. The problem with any such proposal is to prevent transaction being routed into offshore financial centres, such as Singapore or Shanghai. And since any proposal on tax requires unanimity, it is very likely that those in favour of the tax would have to invoke the enhanced cooperation procedures under the Lisbon Treaty. But that would be a lengthy process, and unlikely to get the tax ready for 2012.
Towards new paradigms for development and solidarity
On global public goods and global taxes
Development and development cooperation cannot be seen as success stories. In the ‘third world’ the past half century can be divided in two sub-periods. From 1960 to 1985, growth and social indicators improved rapidly; from 1986 to 2000 growth stalled and social indicators improved much more slowly. The only explanation for this reversal is the introduction of neoliberal policies, imposed as ‘Washington Consensus’ in all countries needing funds from the IMF and the World Bank.