One hundred fifty thousand signatures from European citizens in favor of a Financial Transaction Tax (FTT) will be handed over to the G20 summit in Toronto, June 26-27, 2010. The signatures are the result of a campaign of NGOs in several European countries which started in February this year.

Many signed petitions or a letter requesting the G20 to make the financial sector pay a fair share of the costs of the global financial crisis. The letter calls for a tax on trade with all financial assets (stocks, bonds, derivatives, currencies, etc.) as the most effective instrument to reach this goal, the letter says. See MakeFinanceWork.org to sign the online version (and watch some helpful videos).

The FTT would generate funds to pay for the social costs of the crisis, to fight global poverty, to fund global public goods such as health care and to mitigate and adapt to the impacts of climate change. It would contribute to greater stability of the financial system by reducing speculation and excessive liquidity.

Ethical Markets Media (USA and Brazil) supports the FTT along with the governments of Austria, Belgium, France, Germany, the European Parliament and others, as well as by many economists. Read Hazel Henderson and Alan Kay’s proposal to implement collection of an FTT presented to the Carnegie Council – “The Foreign Exchange Transaction Reporting System: Reducing Risk of Bear Raids on Economies.”

The signatories and supporters such as Ethical Markets Media urge the G20 to introduce the FTT and make this appeal to the summit: “Back your words with action.”

– Rosalinda Sanquiche, Exec. Dir.