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

Deregulation of finance takes off again

Civil society groups denounce the Commission's Capital Markets Union

Civil society groups denounce the Commission's plan for a Capital Markets Union. No lesson has been learnt from the financial crisis, they say.

On Wednesday September 30, EU Finance Commissioner Jonathan Hill, put forward his plan for a "Capital Markets Union". It is presented as a plan for financial stability and productive investments, in fact it is neither. It is a plan that is to set deregulation of finance in motion again after a short break. Among other things, it marks a return to "securitization", which had been put on ice since the financial crisis peaked in 2008.

In response to Hill's plans, 27 organisations issued a common statement in which the CMU is denounced: "The CMU revives pre-crisis trends without adequately integrating the lessons from the crisis. It also marks a shift in the political momentum towards short-term growth and competitiveness at all costs, when what is needed is long-term sustainable development of the economy," the statement reads.

Corporate Europe Observatory is among the signatories.

See the statement here.

Read Jonathan Hill's "revolving doors dossier" here.

Read the troubling story about the selection of Jonathan Hill as Finance Commissioner here.

 

Help!

Exposing the lobbying of big business costs money. Would you consider a donation to help us continue? We refuse funding from the EU, governments, political parties and corporations to be as independent as possible, so every single donation really helps. Thanks!

 

 

 

Add new comment

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

Stop ISDS campaign 2019

Czech journalist and Corporate Europe Observatory board member Jakub Patočka explains what the rise of oligarchs and the demise of democracy in Central and Eastern Europe have to do with EU funding.

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.

The decision of the European Ombudsman to ask the European Central Bank President to end his membership of an opaque and exclusive club dominated by financial corporations is a step towards ending a culture of secretive collusion between regulators and big banks.

Get our monthly newsletter

Follow us on social media

Lobby Planet 2017 banner