FTT Momentum

As the Robin Hood Tax campaign captures the imagination of activists in more and more countries, the world is being forced to respond to the calls for a Financial Transaction Tax.

The latest move is the announcement today that the European Commission will present a plan to the G20 in June for the establishment of an EU network of bank resolution funds. Although the proposal sounds very much like an insurance scheme for banks, the press release states numerous times that this is not the case.

There is no mention of using funds raised for tackling issues such as climate change and global poverty, but the very mention of a coordinated approach to taxing banks is a positive step forward.