Leading Catholic charities call on G20 to reform financial system

Press Release   •   Nov 01, 2011 08:23 GMT

Leading Catholic charities call on G20 to reform financial system

Chris Bain, CAFOD Director [Fiona Callister]

The international alliance of Catholic development agencies, CIDSE today warned that the anti-crisis measures G20 countries discussed so far will be too light to change business as usual and make a positive impact on the world’s poorest.

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In its recommendations for the G20 summit on Thursday 4 and Friday 5 November, CIDSE called on G20 leaders to reform the global financial system and move economies out of the crisis through just and development-friendly solutions, like the Financial Transaction Tax.

CAFOD Director and CIDSE President Chris Bain said:

"A global tax on financial transactions could go a long way in stabilising the financial system and financing the fight against poverty and climate change. The European leaders should continue to promote the tax in the G20 and we hope those G20 leaders who have so far refused to appreciate its potential and urgency will support the tax too.

"Yet, the G20 continues to focus on an outdated growth model that leaves the poorest out in the cold – unable to benefit from or contribute to the economy. Joint action by the world’s most advanced economies could mean a lot to the poorest at home and abroad, but with the wrong agenda it will only lead to further impoverishment and inequality."