France Steps Forward With Robin Hood Tax

Paris - The decision by French President Nicolas Sarkozy to push ahead with a financial transactions tax (FTT) may be a political ploy ahead of elections, but it has the approval of many non-governmental organisations, even as support lags elsewhere.

"If France is setting an example, we support this as a principle," said Matt Davies, head of international policy and advocacy for international movement ATD Fourth World, a French-based organisation that works to eradicate extreme poverty.

"I think there’s a consensus in society that there should be a far greater accountability by the financial sector," he told IPS in an interview. "What’s important is that the money that’s brought in by the FTT should go towards combating poverty, but we’re slightly sceptical in some ways because we often see that money destined for development doesn’t reach the poorest people."

Sarkozy said this week that the French government may implement the tax without waiting for its European or G20 partners to come on board. "If France waits for others to tax finance, then finance will never be taxed," the President said in a speech.

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