Corporate Europe Observatory

Exposing the power of corporate lobbying in the EU

The financial lobby

 

The Transnational Institute (TNI) and Corporate Europe Observatory (CEO) are taking the initiative to organise this Public Debate in response to the unprecedented series of Directives and legislation which are fundamentally restructuring economic and political governance in the EU.

The biggest banks in Europe have little to fear from the EU's new banking regulations. But the public does. Due to loopholes the new rules will not prevent costly bailouts in the future. The risks are made clear in a recent accounting sleight of hand by Deutsche Bank.
As the European Commission closes the application process for its new Tax Good Governance Platform in the midst of more scandalous news of offshore tax avoidance and evasion, it needs to learn from past mistakes and not allow the Platform to become a lobby tool of the financial industry.
The decision of the EU Ombudsman on a complaint filed by Corporate Europe Observatory enables the European Central Bank to associate even more closely with the financial lobby. The timing couldn’t be worse.

This month the EU Ombudsman is expected to reach a conclusion on Corporate Europe Observatory’s complaint about the European Central Bank and its President Mario Draghi. It centers on his continuing membership of the Group of Thirty (G30), which violates the Bank's own ethics rules.

The European banking union has been presented as a cure to the epidemic of bank collapses. Tougher supervision is to make sure we get the financial sector on track. But in the end, the ambitious new project looks more like a renewed push for a deeper single market. The banks themselves are happy.
Since the start of the eurocrisis, the European Commission has gained significant new powers to monitor and intervene in government budgets at a member-state level in the name of ‘economic governance’. But power must be accountable.
Corporate Europe Observatory has demanded that the President of the European Central Bank Mario Draghi leaves the ‘Group of Thirty’, a club of central bankers and chief executives from private banks. What is the case about?
The EU Ombudsman has launched an inquiry into European Central Bank President Mario Draghi’s membership of the Group of Thirty (G30), following a complaint made by Corporate Europe Observatory (CEO) last month. The Ombudsman case on Draghi's G30 membership has made headlines across Europe (and beyond). Will this make the ECB answer the questions that CEO has been asking since November 2011? And will Mr. Draghi now step down from the G30?
Corporate Europe Observatory has filed a formal complaint with the EU Ombudsman concerning European Central Bank President Mario Draghi’s membership of a banking lobby groups. As the European Council prepares to give the European Central Bank considerable influence on more issues of direct interest to private banks, the complaint calls into question Mario Draghi’s independence and suggests his involvement in the corporate bankers group creates a conflict of interests

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Corporate Europe Observatory

Corporate Europe Observatory (CEO) is a research and campaign group working to expose and challenge the privileged access and influence enjoyed by corporations and their lobby groups in EU policy making.

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