Corporate Europe Observatory

Exposing the power of corporate lobbying in the EU

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Hunger brokers

The Commission recently put forward a proposal to curb the lethal volatility in food prices by addressing speculation. But preparations of new legislation have been dominated by the financial lobby, and they've had an impact. Effective measures seem far away.

Before taking office in early 2010, the Single Market Commissioner Michel Barnier told a cross interrogation in the European Parliament that in order to stop the 'scandalous speculation in agricultural commodities, 'we as responsible politicians have to regulate derivatives very carefully. Despite this, when the Commission presented its proposal in October 2011 for a review of the “Markets in Financial-Instruments Directive” (MiFID) the level of ambition was significantly lower than US law, and will not, as it stands, do much to address the lethal volatility of agricultural commodity prices.

Why are ambitions so low? A look at the way the proposal was prepared provides some indications. It reveals a long standing problem at the Commission: that regulatory reform is mainly dealt with through interactions with the financial sector. A tradition that is always exploited effectively by the financial lobby that commands tremendous resources.

Attached files: 
Civil society groups denounce the Commission's plan for a Capital Markets Union. No lesson has been learnt from the financial crisis, they say.
The investment bank Goldman Sachs has revised its registration in the EU's lobby transparency register and has substantially increased its declared lobby spend from the 2013 figure of less than €50,000 to €700,000-€799,999 for 2014. This compounds Corporate Europe Observatory's view that Goldman Sachs' original registration was not a full reflection of its EU lobbying activity. Yet despite this under-reporting, for five months the register secretariat took little action and Goldman Sachs was able to secure at least four meetings with top Commission officials.
LobbyControl, CEO and Friends of the Earth Europe have made a formal complaint to the EU lobby register about the entry of Goldman Sachs which the NGOs consider signficantly under-reports its lobby spend.
Subject of the Luxleaks scandal, PricewaterhouseCoopers, is also advising the Commission on tackling tax dodging
Civil society groups denounce the Commission's plan for a Capital Markets Union. No lesson has been learnt from the financial crisis, they say.
Discover the hidden world of well-resourced dirty energy lobbyists
The car manufacturing industry is traditionally one of Brussels' strongest, and has a particularly German flavour. But the recent scandal engulfing Volkswagen (VW – who also make Audi) and potentially others shows that if Europe is serious about regulating the car industry and protecting public health and the climate, it needs to stand up to the car lobby rather than allowing those resisting regulation to write it.
Spare a thought for big business lobbyists who are apparently “less successful than citizen groups at lobbying EU legislators” according to this research.

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