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In a comment in the British newspaper, The Guardian, Jeffrey Sachs talks about what needs to be done to reform the financial system. He calls for a Bretton Woods II summit that would lay out "a financial framework to achieve urgent global goals in macroeconomic stability, economic development, environmental stability and trade for development."



Among his proposals, he argues for a stronger role for the International Monetary Fund as a true global lender of last resort. To finance this new empowered role, a Tobin tax should be implemented, he argues.



In his comment, he also shows his support for an expanded system of capital adequacy standards, financial reporting, system-wide risk management, and regulation of derivatives traders, hedge funds, and broker dealers.



UNI Finance and its affiliates have supported the creation of such a tax for a long time. This is part of UNI Finance's programme.



To read Jeffrey Sachs' comment in The Guardian:

Amid the rubble of global finance, a blueprint for Bretton Woods II