A group of UN independent experts is calling for a global financial transaction tax that would be used to fight poverty.

They say a levy of between 0.1 and 0.5 per cent on the trading of bonds and shares would result in $48 billion to $250 billion annually to offset the costs of the ongoing economic, financial, fuel, climate and food crises.

The request comes as European Union finance ministers meet on Tuesday, which is also when leaders from the world’s largest economies will hold the G-8 Summit at Camp David in Washington, D.C.

Patrick Maigua spoke to  Magdalena Sepúlveda, UN Special Rapporteur on extreme poverty and human rights, and one of those calling for the tax.

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