What influence does the financial lobby have over banking regulation and other financial markets?
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.
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.
CEO recently met with officials at DG Markt to discuss their use of expert advisors. Read our analysis of what DG Markt has done to change the balance of expert groups – and find out more about the problems that still remain.
The US investment bank Goldman Sachs is earning a reputation as public enemy no. 1 in the financial world. At the same time the firm is one of the Commission’s favourites when it comes to asking for advice on regulating financial markets . It is high time for the Commission to close the door on Goldman Sachs, this article concludes.
The new ALTER-EU report 'A captive Commission - the role of the financial industry in shaping EU regulation' can be found at: http://www.alter-eu.org/en/system/files/publications/CaptiveCommission.pdf Brussels, November 5, 2009 - The vast majority of financial ‘experts’ advising the European Commission represent the banks and investors responsible for the global economic crisis, according to a new report published today by the Alliance for Lobbying Transparency and Ethics Regulation (ALTER EU) .
Why we shouldn't trust the EU's financial "wise men"
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