May 06 - 07, 2019
At the UN “the Financing for Sustainable Development Office” through the FfD Forum plays a critical role for financing the 2030 Agenda. In addition, the FfD Office monitors the SDG implementation, promotes a competitive SDG Investment Fair and facilitates a dialogue on international cooperation in tax matters through the Tax Committee.
The recommendations adopted by member states last month at the fourth ECOSOC FfD Forum and transmitted to the HLPF (High Level Policy Forum) 2019, will be presented in this opening session.
CIFA will lean on the emerging economic trends as they offer hopes for economic growth and review the keys messages in relation to sustainable finance.
At the UN “the Financing for Sustainable Development Office” through the FfD Forum plays a critical role for financing the 2030 Agenda. In addition, the FfD Office monitors the SDG implementation, promotes a competitive SDG Investment Fair and facilitates a dialogue on international cooperation in tax matters through the Tax Committee.
The recommendations adopted by member states last month at the fourth ECOSOC FfD Forum and transmitted to the HLPF (High Level Policy Forum) 2019, will be presented in this opening session.
CIFA will lean on the emerging economic trends as they offer hopes for economic growth and review the keys messages in relation to sustainable finance.
- Global financial markets’ deregulation in 1970s, ‘80s and ‘90s allowed for the introduction of highly sophisticated financial instruments, which caused an overt misallocation of savings and impaired the efficient allocation of financial resources towards real economic growth. How to create the needed funding of ‘common good’ goals, such as the SDGs?
- In the aftermath of the global financial crisis of 2008, enhanced financial regulation aimed mainly at the stabilization of the financial system (as a pre-condition to economic growth and job creation) and the protection of investors. Should regulators now focus on directing the global financial system towards becoming the leading funding source for achieving the SDGs by 2030?
- Are these goals (financial system stability and SDGs) compatible or incompatible?
- How to improve regulation of the financial system in order to reduce/eliminate speculative investments?
- How to align the global financial system with sustainable development? Which investments are really relevant and efficient for the SDGs as opposed to financial instruments basically packaged/structured to generate fees/income benefitting the financial system dominant players and asset managers?
- How to align the financial system interests with the ‘common good’ goals: SDGs? What is urgently needed: increased liberalization and deregulation, allowing for enhanced competition, stronger regulation across all sectors (financial and economic), selective nationalization process…?
- Rethinking taxation in a globally integrated liberal economy: how to finance public spending without impairing competitiveness, innovation and growth?
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Who should bear the burden of direct taxation in a world where a State cannot tax:
- capital/capital income (free movement of capital) :
- corporate profits too heavily (risk of delocalization) :
- the rich (who can transfer their residence to low tax jurisdictions) :
- the poor:
- the middle class exclusively that consumes and drives demand? :
- How to achieve tax compliance (fight against tax fraud) without excluding vast amounts of undeclared funds from financing economic development? Are tax compliance policies going too far and playing against economic development especially in emerging countries? How to unlock the financial resources available in offshore accounts?
- In the current global political environment, could SDGs be achieved through multilateral agreements, increased regulation, heavier taxation of the carbon content of fuels, bureaucratic politics approach?
- In a newly designed global political environment, could the answer be: diminished State intervention and regulation, reduced tax pressure, increased trust in the capacity of citizens, corporates, investors to come up with the best solutions to face the challenges of achieving the SDGs?