Corporate Europe Observatory

Exposing the power of corporate lobbying in the EU

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.

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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 financial industry spends more than €120 million per year on lobbying in Brussels and employs more than 1.700 lobbyists to influence EU policy-making, according to a study published today

The enormous influence and destructive power of financial markets became apparent with the global economic collapse of 2008 which fuelled a financial crisis from which Europe has yet to recover. These events revealed the dire need for stronger rules on financial markets.

Translation from English into Dutch by Ander Europa 

Disclaimer about translations

This film presents some of the dangers of the investor rights within the proposed EU-US trade deal. We need to stop this corporate attack on our democracy and policies to protect the public interest.

Press release issued by: 
The Alliance for Lobbying Transparency and Ethics Regulation (ALTER-EU)

Strongly-worded resolution first shot in battle with Commission over weak voluntary register.

The report approv

CEO, as part of the Alliance for Lobbying Transparency and Ethics Regulation (ALTER-EU), has launched a campaign asking election candidates to take a pledge: “to stand up for citizens and democracy against the

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