Corporate Europe Observatory

Exposing the power of corporate lobbying in the EU

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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: 
 
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
As MEPs prepare to quiz Jonathan Hill again, the UK commissioner-designate allocated the portfolio of financial services, and Hill refuses to answer MEPs' question about his former financial lobby clients, Corporate Europe Observatory (CEO) exposes further information about Hill's career as a lobbyist.
Sign the petition to ‪cancel Greek debt‬
Following the publication of the Carte Blance for Fracking report earlier this year, CEO and Friends of the Earth Europe have submitted a complaint to the European Ombudsman about the industry dominated advisory group convened by the Commission to get fracking introduced through the back door.
Has the issue of tax avoidance ever been as important as in the current era of (Commission-backed) austerity? Public budgets continue to be slashed for want of public money, yet the news is filled with corporations avoiding taxes at the same time as their profits are at a record high. So it should be of serious concern to Europe's 500 million citizens that the European Commission has invited to its new advisory group on taxation the very same organisations involved in avoiding it, as well as their tax advisors.
Corporate Europe Forum