Europe

As the finishing touches are put on the world’s first regional Robin Hood Tax/Financial Transaction Tax (FTT) across most of Europe’s major economies, there’s one small country that would have plenty of reasons to get on board: Ireland

With that in mind we’re excited to announce that Robin Hood Tax Ireland is launching this week! And it’s needed now more than ever.

“Financial engineering,” marked by betting in financial markets, high-frequency trades and other forms of financial speculation, continues to play a very large role in the world economy, even after the financial crisis of 2008, when rampant speculation caused a crash and left communities the world over in ruins. Many in these communities have yet to see a real recovery. 

The Robin Hood Tax moves forward in a major way, in what is being termed a “milestone for tax policy.”   Eleven nations in the European Union are participating in a financial transaction tax, sometimes called a Tobin tax, in Europe per “enhanced co-operation” rules of the EU. 

It's another sign that our movement is gathering momentum. As more countries support a Robin Hood tax, it helps eliminate the idea that traders would flee the US market if Congress passed a financial transaction tax.

The European Commission (EC) announced Tuesday that it supports efforts by 11 European Union economies to move forward on a Robin Hood Tax.  As pressure mounts in Europe to find solutions other than devastating austerity measures, the Robin Hood Tax has gained favor as a way to bring in revenue and stabilize those economies currently struggling to survive.

In a major win for nations committed to blunting austerity and to raising revenue, 11 European nations – two more than the nine minimum needed to form an official European Union agreement – agreed in principle today to press for enactment of a sales tax on financial speculation.  An EU parliamentary vote is forthcoming on the measure many see as a critical breakthrough in turning around ailing economies and getting resources to communities in need.
 

A coalition of willing countries today agreed to press ahead with plans for a European Financial Transaction Tax (FTT). Their decision came after proposals for an EU-wide tax foundered in the face of opposition from the UK and a handful of other countries. 

Thanks to Sarah Anderson of IPS for this blog which originally appeared on Huffington Post.

Not everybody in the financial industry is like Jamie Dimon. They do not all think the financial system is running like a charm, aside from a few "isolated incidents" like a $2 billion trading loss.

Thanks to the UN Human Rights media team for this release.

G-8 / EU: “A global financial transaction tax, a human rights imperative now more than ever”

 

 By Stephany Griffith-Jones of Columbia University and Avinash Persaud, Chairman of Intelligence Capital. This blog looks at progress in Europe.  

 

Archbishop Desmond Tutu is the latest global figure to come out in support of the Robin Hood Tax campaign.

Writing in Saturday’s Guardian, he urged G20 leaders to get behind Sarkozy and ‘introduce a tax on financial transactions to help low-income countries hit by the economic crisis and to protect poor people from climate change’.

He said that a failure to reach global agreement should not be an excuse for leaders not to implement the tax, and argued that ‘instead willing countries should press ahead with their own tax.’

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