• Dansk
  • NL
  • EN
  • FI
  • FR
  • DE
  • EL
  • IT
  • NO
  • PL
  • PT
  • RO
  • SL
  • ES
  • SV

Would you bank on them?

Would you bank on them? This report from CEO, SpinWatch, Friends of the Earth Europe and LobbyControl takes a critical look at the members of the High Level Group on the Financial Crisis (also known as the De Larosière Group), set up by the Council and the Commission to write recommendations for the EU's response to the financial crisis. The report finds the composition of this high level group to be a clear example of corporate capture. Of the eight men in the group, four are closely linked to financial giants like Goldman Sachs and bankrupt Lehman Brothers; a fifth was responsible for the UK Financial Services Authority, who failed miserably in supervising British bank Northern Rock. This report examines the High Level Group, called the de Larosière group, set up to propose reforms of the financial system to the EU Spring Council of March 2009.

Why we shouldn't trust the EU's financial "wise men" 

This report from CEO, SpinWatch, Friends of the Earth Europe and LobbyControl takes a critical look at the members of the High Level Group on the Financial Crisis (also known as the De Larosière Group), set up by the Council and the Commission to write recommendations for the EU's response to the financial crisis. Since even the Commission has now recognised that the lobbyists of financial corporations have exerted an undue influence on EU legislation, and that this "regulatory capture" has contributed to the crisis, the composition of the group is astonishing. Of the eight men in the group, four are closely linked to financial giants that played a major role in the crisis, such as Goldman Sachs and bankrupt Lehman Brothers; a fifth was responsible for the UK Financial Services Authority, who failed miserably in supervising British bank Northern Rock; a sixth is a fierce enemy of regulation; a seventh works for a company whose clients include major banks.

The authors conclude that the group will be another missed opportunity for a broad debate including independent experts, trade unionists and other stakeholders to find a proper response to the crisis.

    Get our monthly newsletter

    Follow us on social media

    To classify as strongly and widely as possible, or not to – that is the EU’s question on titanium dioxide right now. The chemical is found in many everyday items including sunscreen and paint and is a “suspected carcinogen”. Discussion of the classification issue are underway, and what is already clear is that the controversy about corporate lobbying on this file is making some member states think again.

    Excessive corporate influence over policy-making remains a serious threat to the public interest across Europe and at the EU level, warns a new report by our partner organisation ALTER-EU.

    Corporate Europe Observatory shows how the past ten years of financial lobbying have left us vulnerable to future crises and costly bailouts. Despite their responsibility for the 2008 crash, the financial sector has successfully avoided major reform in the decade since - and has shaped new legislation with big loopholes and conditions similar to those that created the crash in the first place.

    Ten years since the crisis - here is our wrap up of the financial lobby's role in causing the crisis and how they have since continued to fight back against people's demands for effective rules on financial markets.

    Lobby Planet 2017 banner