It has been given different names in different countries – the ‘Robin Hood’ tax in the United Kingdom, ‘Steuergegenarmut’ or ‘tax against poverty’ in Germany, the "Robin des Bois" in Canada or France, Zerozerocinque in Italy and "La Tasa Robin Hood" in Spain, but we are all talking about the same thing.

A financial transaction tax - also known as the Robin Hood Tax - is a tiny tax on the transactions of big banks that could deliver billions of dollars to help ordinary people and fight poverty around the world.

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Below is the press release by Zerozerocinque Campaign released right after the G20 Summit that took place in Cannes, France, on Nov 4-5 2011.

Rome, November 4th, 2011 – Among few steps taken at the G20 in Cannes there was a renewed interest for the implementation of a financial transaction tax (FTT). A measure strongly supported by G20's host President Sarkozy and also backed by Germany, European Parliament and Commission and other different countries. During the G20 other world powers joined the list, from South Africa to Brazil and Argentina. Even USA, despite a rooted dislike towards all kind of financial tax, showed willingness to debate the question, according to what Sarkozy said at the final press conference.

A final agreement between 20 largest world economies on such tax is still missing, however a step forward was taken at the meeting in Cannes. A report by the Gates Foundation, that underlines the priority of a financial transaction tax, is another important piece of the puzzle. For the first time a G20 press release explicitily mentions the FTT and recognises the activities undertaken by several countries in this direction. A solution which suggest that such tax could be applicable also in a group of countries and not only at international level.

Europe can play the role of forerunner. A lot of research and studies demonstrated that FTT can be implemented succesfully also in the European Union or in the Euro Zone. Its approval could be a strong sign for the tax to be implemented internationally as well.

In this situation the silence of Italy is significative. «Our country is among those who would earn more from FTT», says Andrea Baranes, spokesman of ZeroZeroCinque Campaign. «On the price of raw material, for example, like petroleum, that our country imports and today is in the hands of financial market. Another advantage would be for more stable currencies and the exportation of enterprises. And also about speculative attacks to our stock, that this financial transaction tax could slow down with measure to regulate finance».

While Italian Government and international institutions try to impose austerity and reduce social and welfare costs, while VAT grows up and citizens, workers and civil society pay for the crisis, Western Governments promote a solution to stop speculation without negative impacts for markets, able to generate an internal revenue of billions of dollars every year globally. A solution that could be able to to give a strong political sign for controlling today's unregulated finance. What are we waiting for?