Banking regulation

Civil society groups demand action from the European Commission on revolving doors. In a open letter they list proposals that follow on a case in the European Banking Authority, that showed how the Commission is responsible for loopholes.

In the run up to the UK referendum on EU membership on 23 June, Corporate Europe Observatory has tabled a series of freedom of information requests to find out how UK finance lobbies have been influencing the referendum negotiations and the Capital Markets Union. But the Brexit-Bremain referendum seems to be a freedom of information black hole.

From the day a referendum on UK membership of the EU was first announced in 2013, the financial sector started using Cameron’s re-negotiation process to promote its deregulatory agenda. Sometimes lobbying was required, but more often the UK government did its work for them.

Juncker´s transparency initiative shows only tip of the iceberg

There are daily meetings between the financial lobby and the Commission, and they’re mainly about issues crucial to society at large. Despite this, the public is only able to access piecemeal information on what is discussed, and even then with unacceptable delays. Given the huge impact the financial sector has had on society, keeping this lobbying behind closed doors is deeply problematic. Transparency reform is needed.