The financial lobby
September 24th 2014The financial lobby
Newly-released documents show that as far as financial regulation is concerned, lobbyists are besieging the Commission – which has an open door policy towards them. Can the new Commission fare better? And why is its prospective commissioner responsible for this area, Jonathan Hill, a former financial lobbyist?
According to a leaked document, the EU is bent on using the TTIP negotiations with the US to get an agreement on financial regulation that, according to this analysis by Kenneth Haar of CEO and Myriam Vander Stichele of The Centre for Research on Multinational Corporations (SOMO) will weaken reform and control of the financial sector.
Despite a manifest presence of “the financial lobby” in the EU decision-making, until now there has been no comprehensive survey of its size and power in the EU. A new report by CEO, ÖGB Europabüro and AK EUROPA is intended to fill that void. The findings are stunning. In total the financial industry spends more than €120 million per year on lobbying in Brussels and employs more than 1700 lobbyists.