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Page 9

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Support the creation of a global tax on short-term financial transactions;

Improve the legitimacy and accountability of the FSB opening it up to dialogue with those stakeholders who can bring a ‘bottom up’ approach to financial reform: workers, including workers in the finan- cial sector, and trade unions. Unions should be invited as observers to the FSB Plenary. There should also be regular information provision and consultations between unions and the FSB and regular informa- tion provision and consultations with Global Unions on the occasion of meetings with the Bank of International Settlements (BIS). These should be in line with the arrangements for FSB engagement with private banks and hedge funds.

BOX 2: GLOBAL UNIONS’ EIGht-pOINt pLAN FOr rE-rEGULAtING FINANCIAL MArKEtS

  • 1.

    Clamp down on the shadow’ financial economy (e.g., private pools of capital and structured products);

  • 2.

    end tax and regulatory havens and create new international taxation mechanisms;

  • 3.

    ensure fair and sustainable access to international finance for devel- oping countries;

  • 4.

    Reform the private banking business model to prevent asset bubbles and reduce leverage risks;

  • 5.

    Control executive, shareholder and other financial intermediary remu- neration;

  • 6.

    Protect working families against predatory lending;

  • 7.

    Consolidate and enhance the public accountability, mandate and resources of supervisory authorities;

  • 8.

    Restructure and diversify the banking sector with the promotion of social finance and where needed nationalisation of insolvent banks.

tACKLING thE IMpACt OF thE CrISIS ON DEVELOpING COUNtrIES

25 The crisis that started in the developed countries has now spread to the developing world. Contractions in trade volumes, falling export prices, reduced net private capital flows and Foreign Direct Investment (FDI) and declining remittances are combining to exacerbate the poverty impacts of the food and the energy crisis. The job losses of migrant workers, who are the most vulnerable, will reinforce these deflationary effects through declining remittances.

26 The crisis has severely undermined progress made in attaining the Millen- nium Development Goals (MDGs), as well as nationally agreed develop- ment objectives, especially in low income countries. The most affected are the rural and urban poor, landless farmers, female-headed households, women workers and those recently made unemployed.

27 The International Financial Institutions (IFIs) continue to impose economic policy conditionality that forces developing countries into operating pro-cyclical fiscal policies – this is despite commitments made at the G20 London Summit in April to ensure that IFI financing would be ‘counter-cyclical’ and statements of the IMF leadership on the need

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