News - 8 January 2011

en - trade in currency


Top Fact of 2010:

We have always known that the trade in currency trumps all others as the biggest market in the world. But the latest figures show that whilst the rest of the economy has taken a nosedive the average turnover of the foreign exchange market has gone up to an incredible $4.0 trillion a day. That’s a rise of 20% from trading levels seen in 2007. In these austere times what more evidence do governments need that it is time to tap the unrivalled riches of the currency markets.

What does 2011 have in store?

Public anger towards the banks remains high. Campaigns in dozens of countries have brought together millions of people asking that the financial sector pay more. 2011 will be a crunch year for turning popular momentum into political reality - but what can we expect from governments around the world?

Much will depend on the strength of civil society’s response. In the UK continuing announcements on banker bonuses against a backdrop of cuts and tax rises are likely to fuel public anger. The new UK Uncut movement and the trade unions are all calling for banks to pay more. The Robin Hood Tax campaign has sparked sister movements in many countries.