'Small change for banks' - Macleans.ca

‘Small change for banks’

by

Paul Dewar calls on the Harper government to support a financial transaction tax at the G20.

“The FTT will be small change for banks, but a major boost to the fight against inequality, poverty and climate change” said Dewar. “It will also cut the excesses of speculative market which were central to the most recent financial crisis.”

The FTT is supported by many European leaders including French President Nicolas Sarkozy and German Chancellor Angela Merkel. Prominent international economists such as Paul Krugman, Joe Stiglitz and Jeffrey Sachs back this change as do George Soros and Microsoft’s Bill Gates. Dewar supports an FTT implemented with the widest possible international agreement through multilateral forums such as G20.

The EU proposal is supported by France and Germany. Two U.S. Democrats are proposing a similar measure. The Harper government opposes the current proposal and has opposed similar proposals in the past.