Tobin tax – the voluntary road

Credit Cooperatif – the French co-operative bank – has announced that it is going to levy a Tobin Tax (on currency transations) on a voluntary basis. The proceeds will be put to action to meet the Millennium Development Goals.

The bank will levy this at a rate of 0.01% of all currency transactions (spot and outright) that it is involved in trading on the interbank market. The idea of the Tobin Tax (or ‘Robin Hood’ tax) is to discourage speculation and raise funding that could of wider use. 

It is just one bank, but it is a very welcome lead.  

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3 thoughts on “Tobin tax – the voluntary road

  1. Yes this is fantastic. Well done Crédit Coopératif! It nails the lie that a Tobin Tax can’t work unless the whole world agrees. Who’ll be next? Our own beloved Co-op Bank maybe?

  2. WUSME World Union of Small and Medium Enterpises congratulates Credit Cooperatif to this decision as the Currency Transaction Levy is an innovative tool for contributing to micro-financing small business, particularly small farmers in less privileged economies, e.g. in Sub Saharan African Countries. Our recent missions to Gabon and Uganda showed that the local Banks are in favour of the Tobin Tax and seek advise on how to implement it. We wouldlike to cooperate with Credit Cooperativ. Mailto: wus@europe.com – Norbert W Knoll von Dornhoff, Secy.-General

          

  3. Pingback: Credit Co-operatif levies a Tobin Tax on currency transactions | Concerned Co-operators

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