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: 
 
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.
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?
"There is de facto a systemic collusion between the Commission and business circles"
The way in which the Commission has appointed the head of its “in-house think-tank” has demonstrated its woefully inadequate conflict of interest assessment for new appointments, says Corporate Europe Observatory. The conflict of interest assessment applied to the former chief of the Lisbon Council, Ann Mettler as head of the new European Political Strategy Center (EPSC) does not appear to have explored her close cooperation with some of the biggest corporate players in the digital and technology market. In CEO's view, this casts serious doubts on the independence of the advice that is to be given to President Juncker and his college of commissioners.
Civil society organisations denounce European Commission’s leaked proposal
On 17 April, Via Campesina, the D190-20 Alliance and Corporate Europe Observatory held a lobby tour around the Brussels European quarter, highlighting the corporate lobbies who are pushing an aggressive agenda around TTIP (the EU-US trade deal currently being negotiated). There was a particular emphasis on the impacts TTIP will have, if passed, for farmers' livelihoods, food standards, and for the way food is produced in the EU. The next negotiation round will take place on 20 April, this time in New York.

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Corporate Europe Forum