What influence does the financial lobby have over banking regulation and other financial markets?
Despite a manifest presence of “the financial lobby” in the EU decision-making, until now there has been no comprehensive survey of its size and power in the EU. A new report by CEO, ÖGB Europabüro and AK EUROPA is intended to fill that void. The findings are stunning. In total the financial industry spends more than €120 million per year on lobbying in Brussels and employs more than 1700 lobbyists.
5 years after the bankruptcy of Lehman Brothers, and the beginning of the worst economic crisis in decades, the EU has not delivered on promises of strong regulation of the financial sector. A swift overhaul is needed.
The banking lobby in the European Union is waging a successful battle against regulation that will undercut international Basel rules. They’re succeeding in putting competition and the right to risky bets before concerns for financial stability.
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.
To the Executive Board of the European Central Bank Concerning the President’s membership of the Group of Thirty. This letter is to complain about the about the European Central Bank’s response to my letter (on behalf of Corporate Europe Observatory) about ECB President Draghi’s membership of the Group of Thirty which failed to adequately address the concerns I raised.
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?
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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