Global Policy Forum

The Tobin Tax in the French Parliament

On its first reading (October 22nd), the Tobin Tax amendment was rejected by the French Parliament. However, it will come up for a second reading after the budget debate, which is due to begin on Thursday, 16th December, at 3pm.

The ATTAC parliamentary group, which moved the amendment, has started to muster its troops. It is quite clear to everyone that the help and support of citizens will make all the difference. An opinion poll, published by the French magazine "L'Expansion" (7-21 October), revealed 60 % of French opinions in favour of the Tobin Tax, while only 31 % were opposed to it. This strengthens our resolve to press for the adoption of a measure, which is not only in the spirit of the Seattle protest, but also favoured by French public opinion.

All the local ATTAC groups in France will be lobbying their MP's and briefing them on what is at stake. We invite all of you, whatever country you live in, to use the addresses of French MP's, published on the website of the National Assembly, to stress the importance of this vote, and the example it could set for your own parliamentary representatives. Our Canadian colleagues have already pointed the way, by their vote on motion m-239 last March.

The Tobin Tax in the British Parliament

An "early day motion" on the Tobin Tax was posted for information on the notice board of the British House of Commons on 3/12/99. Although this does not imply that an actual motion on the Tobin Tax is up for debate in the immediate future, "early day motions" do contain information about future themes of debate. They serve to mobilise opinion, and to brief journalists on these themes. Here is the text of this early day motion :

The Tobin Tax

That this House notes that international currency speculation currently stands at about $1.5 trillon a day and that the vast majority of this is unrelated to trade in real goods and services; further notes that such enormous speculative flows substantially undermine the powers of national governments and regional blocs; believes that a small levy on such speculation, known as the Tobin Tax after the name of the Nobel Laureate who originated the concept, could both help to dampen down the scale and scope of speculation and raise substantial revenues, raising as much as $250 billion each year for good causes such as development and environmental protection; recognises that such a levy would have to be universal or as near to that as possible and contain safeguards to minimise and eliminate tax evasion; notes that the Tobin Tax has the backing of the Canadian Parliament, the Finnish Government and campaign groups such as War on Wants; and urges the Government to discuss the concept with its partners in international organisations such as the World Trade Organisation, the IMF, G8 and the European Union with a view to drawing up an internationaly co-ordinated and feasible tax regime for currency speculation.