Financial Transaction Tax right tool to meet human rights obligations, CSOs say (June 2012)

Rethinking Bretton Woods | Wed, Jun 20, 2012

In the lead up of an important gathering of European Heads of State on June 28-29, 2012, the “A Bottom Up Approach to Righting Financial Regulation” initiative organized a letter making the human rights case for the adoption of a financial transaction tax in their upcoming deliberations.

“An FTT would represent an important step for European governments to meet their international human rights obligations,” says the letter. It describes how a financial transaction tax would be the right tool for governments to meet their human rights obligations to


--cooperate in the mobilization of the maximum of available resources required to provide social services, battle widening income inequality and otherwise realize economic and social rights progressively and without discrimination,

--prevent and protect against human rights abuses by third-parties, including the very private financial actors whose conduct spawned the global economic crisis, and

--provide remedy to people whose economic and social rights are infringed by crisis-related economic policies.