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.