Financial Transparency Coalition

The 2009 summit of G8 leaders concluded today after 3 days of meetings in L’Aquila, Italy. While it looks as though little action has emerged from the summit, the leaders have certainly altered their rhetoric in a positive direction.  A number of important documents came out of the summit:

• G8 Joint Declaration: Promoting the Global Agenda
• G8 Leaders Declaration: Responsible Leadership for a Sustainable Future
• Chair’s Summary

Here’s a great snippet from the Responsible Leadership for a Sustainable Future document:

“National governments have the primary responsibility for ensuring development, by engaging with their parliaments, local authorities, civil society organizations and citizens in shaping appropriate policies, mobilizing domestic resources and promoting their efficient and sustainable use. Yet a renewed commitment to fight poverty requires increasing efforts by public and private actors, from developed countries, emerging economies and developing countries. We will continue to support partner countries’ efforts to increase domestic revenues through modernized tax and customs regulations, improved revenue collection capacities and effective fight against tax evasion, illegal financial flows and corruption. We will enhance cooperation on financial transparency and tax information exchange.” (The emphasis is my own)

It’s great to see that our language is beginning to be used by the G8 and other mainstream financial institutions.  Now we need to make sure that they begin implementing our recommendations.

Read GFI’s full release on the G8 Summit here.