TUAC - TRADE UNION ADVISORY COMMITTEE TO THE OECD

29/05/1995

"On 29 May, 1995, representatives of the trade unions from the G7 countries met with the host of Halifax Summit, the Canadian Prime Minister Jean Chrétien, to present the trade union statement to the Summit. Prior to this Labour Summit the Canadian Labour Congress organised a Round Table discussion for the international participants and members of the CLC Executive Committee on the impact of financial market volatility an employment and social policy. This was addressed by James Tobin, professor of economics at Yale university and Nobel-Prize winner. The Round Table was chaired by Bob White, president of the CLC.

The following paragraphs summarise Professor Tobin's intervention and the ensuing discussion which concentrated on the feasibility of an international transactions tax. A written paper from Professor Tobin is annexed, together with the relevant section from the trade union statement to the Halifax Summit, the list of participants and some press comments.

All the participants agreed that the current functioning of financial markets is having a negative impact on employment and has also reduced national governments' sovereignty to pursue policies to restore full employment. An international transactions tax is one element of what TUAC's believes to be necessary - the development of a New International Financial Order."