June 7th 2016The financial lobby
The UK financial sector spends at least €34 million per year on lobbying in Brussels and employs more than 140 lobbyists to influence EU policy-making, according to a study published today by Corporate Europe Observatory. From December 2014 to May 2016, UK financial sector lobbyists had 228 lobby encounters with elite European Commission officials.
The ongoing EU-US trade negotiations, TTIP, seek to bring rules on both sides of the Atlantic together by means of so-called regulatory cooperation. Our new report with LobbyControl "Dangerous Regulatory Duet" finds that regulatory cooperation procedures have already been used to delay, water down and prevent legislation in the public interest.
In 2015 the European Central Bank tightened its ethics rules in the wake of a major scandal over privileged information it gave to select financiers. In the future there will be more restrictions on the way the leadership associates with representatives of financial corporations. But the discoveries from the scandal seems to have no bearing on the way the ECB's top brass deals with the quasi-lobby Group of Thirty.