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The right finance crucial to success of the EU’s Green New Deal

Eurodad

10 Dec 2019 15:20:08

The new European Commission is sending a clear signal by tabling a “Green New Deal” within a month of its inception. But to be a true statement of intent rather than a mere public relations manoeuvre, it must speak to the urgency for action. Equally, it must address the climate challenge in all its dimensions, not just environmental or economic, but the interconnected social and political dimensions as well. Related to this are three crucial tests to determine whether the detail will make or break the deal.  The first test is how seriously the EU will take its responsibility to uphold the Paris agreement’s commitment to stay well below the 1.5 deg C threshold. As part of the industrial world, the EU has a specific responsibility not only to act at home but to ...

blog
The Bretton Woods Institutions, 75 years on: reform or risk irrelevance.

The Bretton Woods Institutions were built on the ruins of an old world-order, at the end of World War II, and the dawn of a new world order, marked by the birth of many new nation-states and the onset of the cold-war. Ostensibly, the Institutions were created to preserve the peace by ensuring macroeconomic stability, supporting development and discouraging the creation of hostile trade or currency blocs. Yet, right from their beginnings, they have been the source of critique and concern. There were concerns about asymmetries of power, particularly in favour of the US. Then came concerns about uneven-handed treatment of countries in very similar circumstances. On the one hand, post-war Europe could quickly recover thanks to the US stepping in and instituting the Marshall fund. On the other, ...
***Photo call on Thursday 28 November at 8:30am at Schuman: Civil society organisations will hold a public action outside the Council of EU Member States***Three years have passed since the European Commission published a legislative proposal for mandatory ...
The 12th UNCTAD Debt Management Conference titled “Making debt work for development” took place in Geneva this week. At one of the best attended policy conferences ever, several hundred participants – including Eurodad staff, members and partners ...
Dear Ambassador,  We welcome the innovations in this year´s draft UN General Assembly Resolution on “External Debt Sustainability and Development” (A/C.2/74/L.9). The new wave of debt crises threatens to derail the 2030 Development Agenda and ...

blog
The escalating costs of Public-Private Partnerships in the UK (II): who will pay the bill?

Cecilia Gondard

14 Nov 2019 13:47:51

This is the second of two blogs on PPPs in the UK. Read the first part here. Proponents of public-private partnerships (PPPs) often cite “risk sharing” as a benefit of PPP contracts, as it allows for “costs-sharing” and “profit-sharing” between the public and private entities. The recent figures on the escalating costs of PPPs in the UK, however, paint a much clearer picture of who is actually paying the bill and who truly benefits.  Taxpayers are paying the bill. Investigations revealed that, as of September 2019, by the end of UK PFI deals, these will have triggered additional costs of £5bn from the public sector budget– and therefore, taxpayers’ money. As Unite assistant general secretary Gail Cartmail pointed out that “PFI schemes cost taxpayers billions of pounds.”  ...

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Eurodad response to OECD consultation on international tax rules

Tove Ryding

14 Nov 2019 11:30:37

Together with members and allies from across Europe, Eurodad has submitted a response to the OECD consultation on the secretariat’s proposal for new international rules to determine the way taxing rights are allocated between countries. The submission, which can be found in full here, among other things highlights that: The signatories welcome the growing recognition of the shortcomings of the transfer pricing system and the arm’s length principle. Furthermore, the signatories welcome the growing recognition of the value of taxing multinational corporations on the basis of their global consolidated profits, with taxing rights being allocated between governments based on an agreed formula and supplemented by a minimum effective tax rate. However, as it stands, the signatories consider the ...

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The escalating costs of public-private partnerships in the UK (I)

Cecilia Gondard

13 Nov 2019 11:33:37

This is the first of two blogs looking at PPPs in the UK. Read the second part here A team of investigative journalists linked to UK media iNews have undertaken an in-depth investigation into the scandal of private finance initiatives (PFI) – the British term for Public Private Partnerships or “PPPs – in the UK. The resulting series of articles detail alarming numbers on how much of taxpayers’ money is being sunk into PPPs. The investigation comes nearly two years after the collapse of Carillion, a construction giant involved in many PPPs within the UK and Ireland. The incident drew attention to the large number of PPPs in the UK along with the huge overall burden they place on the public budget. The figures surrounding the PPP costs scandals raise the key question of “who pays ...
On 4-6 November 2019, the UNCTAD Intergovernmental Group of Experts on Financing for Development met in Geneva to continue discussions on the issues, concerns and challenges raised in the Addis Ababa Action Agenda. In advance of the meeting, Eurodad made ...
The 2019 World Bank (WB) and International Monetary Fund (IMF) Annual meetings last week marked the 75th anniversary of the Bretton Woods Institutions (BWIs). However, there was little cause for celebration. The meetings took place amid a bleak global ...