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A new European Commission: What are the implications for Development Finance in the next five years?

Following the European elections in May, former German defence minister Ursula von der Leyen has assumed the role of President-elect of the European Commission. In July, von der Leyen, the first woman to take this post, released a concept paper titled “A Union that strives for more” and on Tuesday this week she unveiled the names of the new Commissioners.  And with these releases, the policy agenda of the next European Commission, mandated to govern until 2024, is slowly taking shape. In response, we ask what are the implications for development finance?    Sustainable financing for sustainable development?  Sustainable development rhetoric scores highly on von der Leyen’s policy agenda, but the devil lies in the detail. The concept paper outlines “a strategy for ...

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Eurodad response to International Consortium of Investigative Journalists' #MauritiusLeaks

Today, the International Consortium of Investigative Journalists released another ground breaking tax exposure. The #MauritiusLeaks show how multinational corporations from all over the world have used Mauritius to avoid taxes, including on their own operations in some of the world’s poorest countries. Reacting to the leaks, Tove Maria Ryding, Tax Coordinator at the European Network on Debt and Development (Eurodad), said: “#MauritiusLeaks is yet another shocking example of large-scale international ...

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G20 – a chance for solutions, or a part of the problem?

As G20 leaders meet this weekend to debate the state of the global financial and economic system, there is no shortage of problems to discuss. For example, the world is facing a new wave of debt crises; continued large-scale corporate tax avoidance; and a desperate lack of funding for achieving the sustainable development goals, including for ensuring basic infrastructure for public services and combating climate change. The failure of the global system is also exacerbating existing inequalities, including gender inequality.  But the G20 is by no means a young and new initiative and while assessing the challenges ahead, it is also important to look back and discuss whether the global problems we are facing have arisen in spite of the G20 leadership, or – at least to some extent – because ...

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Eurodad response to large-scale international fraud with value added tax (VAT)

Under the headline Grand Theft Europe, the newsroom Correctiv, together with media outlets across Europe, have published the results of a cross-boundary investigation about large-scale international fraud with value added tax (VAT). According to the European Commission, this type of fraud is costing European governments around €50 billion each year. Commenting on the revelations, Tove Maria Ryding, Tax Coordinator at the European Network on Debt and Development (Eurodad), said: “It’s sad to ...

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Eurodad in Action at the UN Financing for Development Forum

Bodo Ellmers, Tove Ryding, Cecilia Gondard

24 Apr 2019 17:19:29

The United Nations convened in New York last week for the Financing for Development Forum. While the outcome document has been negotiated in advance, the Forum itself offered lots of opportunities to discuss what change we need to finance the sustainable development goals. Eurodad staff and members as well as the broader Civil Society Financing for Development Group made extensive use of these opportunities. Here is a wrap-up of the highlights which ranged from policy debates on aid, debt, tax and private finance to the first ever – but probably not the last – Civil Society Debt Workout.  Eurodad at the #FfDForum

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State of emergency: UN convenes Financing Forum while a new wave of debt crises threatens to derail sustainable development

Bodo Ellmers, Tove Ryding

16 Apr 2019 18:05:50

This week, governments will meet at the United Nations in New York for the Financing for Development Forum, and the challenge is very clear. Too little progress has been made towards achieving the UN’s sustainable development goals (SDGs), which to a large extent is the consequence of lacking finance. The 2015 Addis Ababa Action Agenda, a UN framework adopted at the same time as the SDGs, which is supposed to ensure money flows toward development and the achievement of the SDGs, is not fulfilling its objective. Political differences at the Addis Summit meant that fundamental institutions, such as a multilateral debt workout mechanism to prevent and resolve debt crises, could not be agreed upon. Developing countries have repeatedly called for developed countries to engage in a negotiation ...

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International Women's Day 2019 - Economic justice for gender justice

Tove Ryding

07 Mar 2019 15:47:20

A central part of today’s unjust economic system is the disadvantageous position of women compared to men. Women are more likely to live in poverty, and are more strongly impacted by increasing global economic inequality. The difference between men and women in access to decent jobs and equal pay, as well as numerous examples of discrimination regarding ownership and inheritance rules are just some of the factors that maintain and reinforce these inequalities. Severe under-representation of women and girls in economic and wider societal decision-making at all levels adds further to the structural inequalities.Women are also hit harder by austerity, not least due to their strong dependence on accessible quality public services. This includes, for example, childcare and elderly care, which ...

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Errors and Omissions: A glance at the European Commission’s new Communication on Policy Coherence for Development

Bodo Ellmers, Tove Ryding

14 Feb 2019 17:45:26

The European Commission has released a new Staff Working Document on Policy Coherence for Development (PCD). The Commission’s report covers the first three years of the EU’s attempts to implement the Sustainable Development Goals, an endeavour for which PCD is crucial. The document however unveils that the EU’s PCD framework, as complex as it might already be, continues to have severe omissions – in particular the complete neglect of the EU’s fiscal and monetary policies on sustainable development in and outside the EU. Moreover, while the Communication maps EU policies on taxation and investment, it sells some of those as positive contributions while it neglects the risks and negative impacts that EU policies in these areas have. Coherence in times of Sustainable Development ...

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G20 Summit in Buenos Aires: A non-event amidst citizen protests

Bodo Ellmers, Maria Romero, Tove Ryding

13 Dec 2018 16:26:12

By Bodo Ellmers, Maria José Romero and Tove Maria Ryding When the global financial crisis broke, the world looked to the G20 to find solutions. But as G20 leaders recently gathered in Buenos Aires 10 years on for their 2018 Summit, it was all too clear that ‘too big to fail banks’ have grown even bigger while we’re stuck with a vastly expanded shadow banking industry and a very worrying new wave of debt crises. Even though the G20 consider themselves to be the world’s major body for economic policy coordination, they are sleepwalking into the next crisis. Earlier this year, the International Monetary Fund (IMF) warned that global debt levels have reached all-time highs and that the world economy is now even more highly leveraged than before the global financial crisis began a decade ...

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G20 game over? Three reasons why the Finance Ministers’ meeting shows the G20’s time may be up

Jesse Griffiths, Maria Romero, Tove Ryding

24 Jul 2018 18:27:54

The G20 Finance Ministers of the world’s largest economies met in Buenos Aires last weekend, but their failure to tackle pressing global problems, including the threat of trade wars and a looming debt crisis, highlighted how ineffective the G20 has become.  Given that the G20 cannot tackle key issues, is promoting ineffective initiatives, and has largely become a rubber stamping body for other actors, the time is ripe to rethink how the global economy is governed, and to promote alternatives.1.    The G20 cannot tackle key issues The 2017 G20 showed how the ‘anti-multilateralism’ approach of the world’s major powers immediately dampened the prospects of new initiatives coming out of the G20, as Eurodad reported at the time. It is no surprise, therefore, ...