Friday, June 10, 2011

A French Cure for the Resource Curse

"Friday 10 June 2011
by: George Soros, Project Syndicate

French President Nicolas Sarkozy. (Photo: World Economic Forum / Flickr)

New York - The campaign to ensure that companies engaged in extractive activities disclose all of their payments in their host countries is gaining momentum – and France is leading the effort. President Nicolas Sarkozy should be applauded for supporting a new initiative promoting strict transparency standards for petroleum, gas, and mining companies listed on European stock exchanges.

France, at the heart of the European Union and President of both the G-8 and G-20 this year, is in an exceptional position to encourage such a regulatory move. With French leadership, 2011 offers a golden opportunity for the most important capital markets to adopt clear, precise rules requiring full financial disclosure by extractive-industry companies to governmental authorities." more at link above...