The worldwide economic crisis seems to end but finance ministers from rich and developing countries warn everybody that the global recovery hasn’t been assured yet. Last Saturday there was a meeting in Scotland where de ministers discussed about this issue.
The main statement of the G20 was that the main concern is the high unemployment and that supply is still needed for the global recovery. A first proposal, funds for bank bailouts who are being paid by taxes on transactions, was not very successful. Most G20 countries didn’t found this a good proposal but the British Chancellor of Exchequer announced that we cannot withdraw the support.
But the meeting was overshadowed by a message from the British prime minister, he claimed for a new social contract that would banks make more responsible. He said that the government was obliged to intervene and help the financial sector because they have a very important role in the society and that a global levy on bank transactions was a great idea to make the banks pay. But he also announced that this must be agreed worldwide, otherwise he wouldn’t take any action in his country.
The idea from the British minister has been received rather good by the other G20 countries, but British bankers and the Canadian prime minister reacted negative. The next meeting will be in Copenhagen where they talk about the climate.
In think that the levy on bank transactions has positive and negative effects. I think that the banks aren’t recovered enough and this could make new problems for the banks. On the other hand the economic crisis is caused by the banks and till today most banks didn’t take their responsibility.
Poelaert Jens – 3FV3
Date: 11 November 2009
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