Being aware that Nobel prize-winning economist James Tobin has proposed a small tax (in the area of 0.1%) as a means of slowing down short-term currency speculation across national borders;
Also aware, that international short-term currency speculation has led to massive destabilization of certain national currencies;
Concerned, that international speculators have become more powerful than elected governments, creating an erosion of democracy in many parts of the world and currency runs can spread from one country to another endangering the global financial system;
Recognizing that such a small tax would have no appreciable effect on long-term investment on which real economic growth is usually based; and it has been estimated that such a tax would raise $176 billion a year, which could be used for such purposes as international development and environmental clean-up;
THE INTERNATIONAL COUNCIL OF WOMEN
States its support of an international initiative to implement, across the international community, a tax on international financial transactions; and
Urges its permanent and accredited representatives to the United Nations to actively support a tax on international financial transactions, implemented across the international community; and
Also urges its member National Councils to press their respective governments to implement, in conjunction with the international community, a tax on international financial transactions.
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Source: International Council of Women (ICW-CIF) — 29th General Assembly, Helsinki, Finland, July 2–8, 2000. Resolution No. 1.
