Financial Transactions Tax
Global Day of Action, 22 June 2011
Leading into the launch of the Council of Global Unions’ Quality Public Services—Action Now! campaign on Thursday 23 June (World Public Services Day), trade unions and civil society allies are calling on European leaders to endorse a financial transactions tax to help meet the cost of action against climate change and world poverty, and fund quality public services for all. The trade union call for the tax, supported by a wide range of economists, along with development, environmental and health groups, has been gaining political momentum.
A Global Day of Action for a Financial Transactions Tax will be marked with events around the world on Wednesday 22nd June. European Union finance ministers are meeting on the 15th June and the European Council will be meeting 23rd-24th June. This will be a key moment in the campaigning calendar to influence decision makers ahead of the G20 in November. FTT coalitions around the world will work to gain coverage in national media for their campaign actions.
The international coalition www.makefinanceowork.org
is dedicated to developing joint strategies and discussing common alternatives to fight poverty. Please sign up to the world-wide Parliamentarians’ Declaration for a financial transaction tax. The website also has resources for the day of action in several languages.
National Nurses United, a PSI affiliate in the U.S., will be holding a protest in New York on 22 June as part of the day of action. In the U.S., hundreds of billions of dollars could be raised every year through such fees – revenue needed to repair the harm to Main Street communities so devastated by the abuses of Wall Street speculation and greed. The money can be used to create jobs and fund health care, education and housing.
Nurses see patients and their communities being crushed by the economy, says National Nurses United. To protect patients, they say, revenue must be raised now and used for national reconstruction.
International Trade Union Confederation general secretary Sharan Burrow said, “A financial transactions tax would secure vital funding for job creation and global programmes to tackle climate change and world poverty. Governments promised to mobilise climate financing at the Copenhagen Summit, and this is a sure fire way of helping to meet the targets they set. Such a tax would also dampen unproductive speculation and help governments strengthen public finances.”
The ITUC is pressing the case at all the key global institutions including the G20, IMF, World Bank and the negotiations on the Durban climate summit this December and next year’s RIO+20 Summit in Brazil.
The international alliance of Catholic development agencies CIDSE has a issued publication ahead of the EU Impact Assessment of the FTT. "The FTT for people and the planet – financing climate justice" sets out how part of the over €465 billion estimated yearly global revenue of a tax on financial transactions, if introduced at an average rate of merely 0.05%, could finance the fight against climate change.