IMF boss talks bank taxes to ITUC
The ITUC World Congress has seen universal trade union support for the idea of financial transaction taxes. So it was good news that IMF head Dominique Strauss-Kahn confirmed that despite the IMF backing an alternative, no decisions had yet been made.
IMF head Dominique Strauss-Kahn addressed the World Congress in Vancouver this week and spoke of the global trade union movement’s support for a financial transactions tax (FTT). Noting that the IMF had expressed its preference for a different kind of financial activities tax based on profit and compensation, he agreed with the ITUC that a substantial contribution from the financial sector is justified to pay for the cost of the crisis and to dampen overly risky behaviour in the financial sector. He stated that the specific choice between the FTT and another type of tax is “a technical discussion” that needed to take place.