The financial lobby
Big banks and financial companies are doing their best to stop the introduction of a financial transaction tax (FTT) in the European Union. A proposal for an FTT is on the table, but still has to be approved by the Council. The industry has put all its lobbying machinery to work, implementing a scaremongering strategy, to convince member states to reject the tax. There is a real risk that their lobbying will pay off, either by defeating the entire idea of taxing transactions, or by watering down an already timid proposal.
Crucial decisions “to save the Euro” and “to save Greece” were made at the Euro Summits in July and October 2011. While the decision making process was taking place, the press reported several informal negotiations between EU leaders and the banks, mostly represented by the Institute of International Finance (IIF). What was exactly the role of this lobby group in the final decisions? And what did it get from the deal?