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Elise Ford, Head of Oxfam’s EU office, said:

A broad coalition of NGOs, political organizations and trade unions today (7 September), called on EU Finance Ministers to recognize the merits of an European-wide Financial Transaction Tax (FTT), particularly as austerity measures begin to be felt throughout the EU.

European leaders meeting today to discuss ways of boosting economic growth should press ahead with plans for a financial transaction tax (FTT), Oxfam said.

A leaked European Commission document dispels earlier warnings that the fin

“Food, funds, inequality” issues will test G20 leaders’ ability to transform the global economy. The 2011 G20 Summit could be a watershed for global stability and prosperity if leaders rise above a narrow vision of self-interest and act decisively for the world’s poorest citizens.

Commenting on the discussion today about innovative funding for development at the MDG Summit Leading Group on Innovative Finance, Oxfam spokesperson Veronica Hernandez said:

Speaking at the end of the Rio+20 UN Summit on Sustainable Development, Barbara Stocking, Chief Executive, Oxfam GB said:

What should have been a watershed G20 summit for shared global prosperity fell short of its potential – but some of the strongest ideas, especially the Robin Hood Tax, did overcome the opposition of some countries.

Finance Ministers from the 11 EU countries that agreed to implement a financial transactions tax again failed to strike a deal on the critical substance on the scope of the tax.

G7 finance ministers meeting in Canada this weekend must agree to a Financial Transaction Tax to leverage billions needed to help poor nations deal with the impact of the global economic crisis.