26/09/2009
Now G20 must deliver a financial transaction tax
PES President Poul Nyrup Rasmussen hailed the G20’s Pittsburgh meeting as "potentially historic", but the next few months would be crucial for its legitimacy.
"The Pittsburgh summit is potentially historic as it creates a permanent structure for global economic government. But people in Europe and across the world will not accept the G20’s legitimacy unless it now urgently delivers jobs-focused green recovery, fairness in burden-sharing and tough regulation of the whole financial system", Rasmussen said.
"I believe the next frontier for the G20 is to agree a global financial transaction tax. Next month’s European Council should put it firmly on the table. We simply need fairer taxation to finance new investments for sustainable, green recovery and job creation."
The PES President welcomed the new G20 commitments to fight mass unemployment and its rejection of an "exit strategy".
"The crisis has already destroyed 8 million jobs in Europe and is destroying 59 million globally. Progressive leaders and trade unions have succeeded in securing G20 commitment to a new wave of jobs-focused, coordinated economic stimulus. I am delighted that the G20 rejected Merkel’s ill-conceived exit strategy."
Commenting on this week’s launch of the new Europeans for Financial Reform campaign, Poul Nyrup Rasmussen said "This week’s Pittsburgh launch of Europeans for financial reform creates a new trans-atlantic alliance for real system change, alongside Americans for financial reform. Together we will give voice to ordinary people across Europe and the world, pressing the G20 and EU to deliver so that we never have to suffer the consequences of such a crisis again."
Background information:
Europeans for Financial Reform is a new pan-European campaign advocating comprehensive financial reform in Europe and globally. It was kick-started in the weeks ahead of the Pittsburgh summit by a wide coalition of NGOs, trade unions, politicians and ordinary citizens.
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