Corporate Europe Observatory

Exposing the power of corporate lobbying in the EU

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Hunger brokers

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.

Before taking office in early 2010, the Single Market Commissioner Michel Barnier told a cross interrogation in the European Parliament that in order to stop the 'scandalous speculation in agricultural commodities, 'we as responsible politicians have to regulate derivatives very carefully. Despite this, when the Commission presented its proposal in October 2011 for a review of the “Markets in Financial-Instruments Directive” (MiFID) the level of ambition was significantly lower than US law, and will not, as it stands, do much to address the lethal volatility of agricultural commodity prices.

Why are ambitions so low? A look at the way the proposal was prepared provides some indications. It reveals a long standing problem at the Commission: that regulatory reform is mainly dealt with through interactions with the financial sector. A tradition that is always exploited effectively by the financial lobby that commands tremendous resources.

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Never before has a former European Commission official been criticised as much for his post-EU career as ex-Commission president Barroso upon joining infamous US investment bank Goldman Sachs this summer. Citizens are outraged and evidence already points towards a gross violation of the EU Treaty.

Following the high-level appointment of former European Commission President José Manuel Barroso to Goldman Sachs, NGOs have launched a petition demanding stricter rules for ex-EU commissioners’ revolving door moves.

José Manuel Barroso's move to Goldman Sachs has catapulted the EU’s revolving door problem onto the political agenda. It is symbolic of the excessive corporate influence at the highest levels of the EU.

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.

Ahead of the Commission's proposal for a new ‘mandatory’ lobby transparency register, CEO takes a look at the summary of the public consultation on the subject: civil society's call for better transparency systems faces the spin of corporate lobby groups and trade associations, which appear to promote transparency values but recommend limited implementation, loopholes and toothless management.

CEO's reaction to the the Bahamas leaks, which revealed ex-EU competition commissioner Neelie Kroes' offshore links.

The European Commission's upcoming regulation proposal for acrylamide, a dangerous contaminant formed in many starchy foods when cooked at high temperatures, relies on codes of best practices developed by food industry lobby groups.

A new report on the Comprehensive Economic Trade Agreement (CETA) reveals how the trade deal could make EU member states vulnerable to costly lawsuits from North American investors that threaten public interest.

 
 
 
 
 
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The corporate lobby tour