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people by withdrawing credit from the economy. Nevertheless, there is little justification for their grievances when these institutions continue to enjoy record profits, pay record bonuses, and claim to operate on a highly efficient basis due to their artificially large size. This situation represents a tragedy of the highest order, and is an offense to governments’ legal obligations to take legislative and other steps to prevent and protect against foreseeable systemic human rights infringements by the financial sector. In order to fulfill their duty to protect human rights by preventing further systemic risks, the G-20 governments must undertake measures to reduce the size and complexity of systemically important institutions. This would mean breaking up large firms through direct regulatory intervention, if necessary. Banks cannot be allowed to gamble other peoples’ life-savings away, and so proprietary trading must be firmly separated from traditional banking services. Over four years after the deepest financial crisis in 50 years, governments – and in particular the US administration – are no closer to guaranteeing that financial institutions will not pose a repeated threat to the global economic system. Will governments once again be forced to bail out banks with public funding at the expense of human rights? Large and complex financial firms, some of them operating in dozens of jurisdictions, have successfully resisted calls to reduce their complexity or size. They are able to profit from the tax and regulatory arbitrage that such a position makes possible, while their intricacy and enormity limits the chance they can be successfully resolved without disrupting vital banking activities in the event of a collapse. While backsliding in aid commitments, many donor governments are simultaneously making it more difficult to mobilize the maximum available resources for human rights fulfillment. Illicit financial flows out of developing countries surpass those of official development assistance by a 10 to 1 ratio, according to experts. Paradoxically, many wealthy, donor countries allow and at times actively encourage the use of their jurisdictions as tax havens, with Switzerland, the USA, Japan, Germany, the UK and Belgium amongst the top 15 on the Financial Secrecy Index. Financial secrecy and the use of tax havens in rich countries permits an international enabling environment prone more to corporate tax dodging and tax evasion and avoidance, than to human rights-based development. Much remains to be done if human rights are to be transversally mainstreamed into the aid effectiveness agenda. The draft document suggests donor countries are seeking to avoid firm commitments to improve transparency and boost direct budget support, opting instead for non-binding statements of intent. All indications are that poor performance in meeting previous aid commitments will continue into the near future. When the OP finally becomes operational, it will mark an important milestone
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