“The G20 coordinated action to stabilise the global financial system in 2008, but this has not been followed through in the real economy. More and more jobs are being lost, and the world is again on the brink of a serious recession causing even more hardship to ordinary people. G20 cooperation is urgently needed to tackle skyrocketing unemployment and to regulate banks and finance effectively,” said ITUC General Secretary Sharan Burrow.
The international union movement is insisting that the Cannes Summit agree on far-reaching global economic reform, and policies for growth instead of cuts. A key demand is the introduction of a Financial Transactions Tax, to help fund the real economy and reduce damaging financial speculation.
“Big business and big finance are trying to strengthen their grip even further and ramping up their campaign for lower wages, less protection for workers and yet lower corporate taxes. Momentum is building against their stranglehold over economic policy, and public anger at the immense power and privileges they enjoy will grow stronger and stronger if the G20 fails to act,” said Burrow.
