The world seems entangled in an ever denser
web of crises, spanning an ever wider gamut
of policy concerns-global warming, poverty and
inequity, failed and failing states, international
terrorism and excessive financial volatility and
crisis, caused to an important extent by underregulated
financial markets. In many countries,
there is risk of flagging, if not negative, economic
growth due to the effects of the continued financial
crisis. Real or perceived fiscal constraints limit the
ability of governments to maintain or increase their
spending on financing development or mitigating
climate change.

The world is passing through a transformation.
Increasing openness of national borders and
market integration have led to a growing volume
of cross-border economic activity, and deepening
policy interdependence among countries. As
happened during earlier periods of major transformation,
the reform of governance processes
today, particularly in areas such as regulation and
taxation, is lagging behind the change in private
sector and commercial activity. The reform backlog
leads to an accumulation and exacerbation of
emerging inconsistencies and imbalances, so that
lingering problems can assume crisis-proportions.

[...]

Globalizing Solidarity: The Case for Financial Levies - (PDF, 1.1 Mo)