Mobilizing a national campaign for an international Currency Transaction Levy to fund global health

In the last decade, there has been a rapid funding scale-up for global health initiatives. However, global health needs continue to outpace funding commitments. The global financial crisis, the recent decision by the US to flat-fund PEPFAR, and uncertainty about funding increases for the Global Fund for AIDS, TB and Malaria have driven global health advocates to turn to new funding options.

There is growing support for one innovative mechanism that presents an almost effortless way to raise substantial funds quickly: a currency transaction levy. An estimated $28 billion could be raised each year with a currency transaction levy of 0.005% on the US Dollar. To date, UK Prime Minister Gordon Brown, French President Nicolas Sarkozy and German Chancellor Angela Merkel have voiced their support for having their countries' respective currencies participate in this levy. In the United States, a coalition of global health, labor, and environmental organizations have begun to work together to urge the US to introduce a currency transaction levy.

This presentation will include an overview of mechanisms for implementing a currency transaction levy, an explanation of how it would function in practice, and its potential contribution to financing global health efforts. An analysis of the achievements, challenges, and opportunities of national and international coalitions working for a currency transaction levy will also be presented.