Corporate Europe Observatory

Exposing the power of corporate lobbying in the EU

Hunger brokers

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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: 
 

Polluters in Peru blog

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.
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?
The announcement today that Jean-Claude Juncker, president-elect of the European commission, will hand responsibility for financial services to Jonathan Hill compounds CEO's view that British PM David Cameron should withdraw his nomination of Hill.
A new draft EU directive currently looked at by the European Parliament wants to protect companies' "trade secrets", but uses definitions so large and exceptions so weak that it could seriously endanger the work of journalists, whistle-blowers, unionists and researchers as well as severely limiting corporate accountability. We publish a joint statement together with several other groups for the directive to be radically amended.
In the face of a disastrous Lima Outcome for local communities, their environments and the climate, many of the climate justice groups attending COP20 released a joint statement in response to what countries had agreed to, as well setting our own agenda.
The UN climate talks in Lima, COP20, have had the pervasive influence of business all over them. Yet despite this, business is still not happy with the influence it has on the talks and wants a greater role.
As the UN climate talks – COP20 – wrap up in Lima, CEO took part in a press conference to reflect on what two weeks of negotiations mean for climate justice and the road to Paris. Organised by the Institute of Climate Action and Theory, CEO was joined by with Michael Dorsey (board member of Sierra Club) and Jagoda Munic (Chair of Friends of the Earth International).

Alternative Trade Mandate

Corporate Europe Forum