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Sarkozy calls for tax on financial transactions to fund global development

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President Nicolas Sarkozy called Monday for a tax on all financial transactions to pay for global development at a UN summit in New York that aims to bring new life to the foundering Millennium Goals, which seek to slash world poverty by 2015.


AFP - French President Nicolas Sarkozy on Monday called for a tax on all financial transactions at the UN Millennium Goals summit to pay for global development.

"Finance has globalized, so why should we not ask finance to participate in stabilizing the world by taking a tax on each financial transaction," Sarkozy told the summit.

The French leader said he would press for a global tax when France is president of the Group of 20 countries next year.

"I want to tell you of my conviction that while all developed countries are in deficit, we must find new sources of financing for the struggle against poverty, for education and for the ending of the planet's big pandemics."

Sarkozy, the first key leader to speak at the summit, also said that France would increase its payments to the UN fund on AIDS and malaria by 20 percent.

France has been a leading advocate of so-called "Innovative Financing" for development. It was the first country to introduce a tax on airline tickets to pay for aid.

While countries such as Japan, South Korea, Brazil, Norway and others support innovative financing. Free market countries such as the United States are known to be wary of imposing new taxes.


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