Brussels, 04/03/2010 (Agence Europe) - By adopting the report of Enrique Guerrero Salom (S&D, Spain), members of the European Parliament's development committee, presided by Eva Joly (Greens/EFA, France), outlined the recipe they are advocating to mitigate the considerable impact of the financial and economic crisis on developing countries. Firstly, they are requesting that member states not only keep their promises of public development aid but also complement this by way of providing sources for additional funding and innovation. They support a tax on the international banking system and are also calling for financial transactions to be taxed in an effort to generate additional resources of funding development, including adaptation to climate change.
The report by Guerrero Salom is also requesting that 25% all the revenue raised by CO2 emissions trading within the Community emissions quota trading system goes towards development aid. The struggle against tax havens and illegal capital flows, the creation of a “temporary moratorium on debt repayments, including capital and interest”, in addition to eradicating the debt for some of the poorest countries, and reducing immigrant workers' transfer costs to their countries of origin, complete this crisis-busting mechanism. (A.N./transl.fl)