What influence does the financial lobby have over banking regulation and other financial markets?
One third of the people who occupied top positions in the Directorate‑General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) during the period 2008-2017 either came from the financial industry or went there after their time at the Commission.
The EU is about to adopt new rules that will help trade in securitised loans, the very financial instruments that helped cause the 2008 financial crisis. Despite warning signs of a new 'subprime bubble' in car loans coming from the US, carmakers and financiers have lobbied the EU to make it easier to speculate on such loans.
ECB advisory groups are used as lobby platforms by the financial industry, our new report shows. 'Open door for forces of finance at the ECB' reveals that the advisory groups counselling the European Central Bank are dominated by representatives of some of the most influential global financial corporations.
Pressure has been mounting on the European Central Bank over its purchases of certain corporate bonds, but new research shows no change. In its mission to stimulate the economy, it is still purchasing climate-harming bonds.
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