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Wednesday, 21 May 2014

TFT: innovation for funding the fight against poverty

On the eve of an Agreement of European tax on financial transactions (TFT) which should be implemented by the European elections on the 25 May 2014, the effectiveness of the taxation solidarity in the fight against AIDS and development needs to be noted. TFT will allow new additional sources of funding to be found to continue to assist the poorest countries.
"By 2035, there will be almost no poor countries in the world." This bold statement was not made by a blind optimist but by the greatest philanthropist in the world - Bill Gates. National economies develop, health care systems and technologies progress and positive effects are seen worldwide: developing countries have reduced extreme poverty since the 2000s , HIV infections have decreased by almost a third and infant mortality has dropped by half in two decades. As John F. Kennedy stated, a rising tide lifts all boats. But this cannot be taken for granted. Differences in the increase of wealth were observed; seven out of ten people live in countries where inequalities are increasing since the 1980s and one per cent of the world's richest families own nearly half of the existing resources, as demonstrated by the NGO Oxfam. One of the major causes responsible for globalization is the financial sector. Already in 2008, its actions have led to a recession that quickly sank entire economies, causing the worst retrenchment in public services and forced millions of people below the poverty line. However, with the efforts of States to bail out the financial sector, major banks were able to continue their activities.
That's why together with Bill Gates, many of us support the tax on financial transactions (TFT). This fee, between 0.01% and 0.1% on stock transactions (shares, bonds, derivatives), will be implemented by eleven countries of the European Union in the coming months, and will force the financial sector to take responsibility and pay for the damage caused.