The G20 meeting in Cannes ended today with mixed results for the NGO community. There was some progress on tax havens and enthusiasm for various innovative financing mechanisms, with France still champtioning a financial transaction tax (FTT). But for the most part, the spotlight was on the Greek debt crisis.
Recognizing that the economic crisis had disproportionately affected the world's most vulnerable populations, the final communique on Friday promised to ensure “more inclusive and resilient growth,” but did not provide concrete details on how this would be done. Another positive was a commitment to meet overseas aid pledges and InterAction hopes the G20 will take the lead in fulfilling this promise.
The communique also praised a report by philanthropist Bill Gates, who outlined a series of innovative finance mechanisms, including the financial transaction tax, which is supported strongly by France and Germany with others like Brazil and Argentina also getting behind the fee.
Read InterAction’s full press release.
