The Blog Financial reform for EU citizen

Grand Theft Europe scandal – one more reason to #ChangeFinance

The latest on a long list of affairs revealed by civil society, the Grand Theft Europe scandal has resulted in the loss of billions of euros of public money. An ever-increasing number of financial scandals is not inevitable though.

A constant shower of damning reports on opacity and scandals in the financial sector is the result of a worrying lack of democratic control. The controversial appointment of the chief lobbyist of a systemic bank as head of the European banking regulator was a strong reminder of this: when national egos bypass democratic processes to push for their own interests, lobby powers  take full advantage of these loopholes, at society’s expense.

This is a reason why the new generation of trade agreements risks depriving governments of the necessary means to regulate finance. It also explains how the tax avoidance industry flourishes under Europeans’ noses

But all this is not inevitable. A few weeks before crucial European elections, we are proposing two courses of action for committed citizens:

I Vote to make finance serve society

Finance Watch has analysed the financial reform proposals of all political groups for the #European Elections 2019, compared them to our vision for finance that serves  society and scored their ambition to change finance:

Discover our EU election guide 2019

II Demand transparency in lobby practices

More than 1,700 lobbyists work for the financial sector in Brussels. Are your EU parliamentary candidates ready to #ChangeFinance? Ask them to commit themselves to work for better oversight of lobbying, and to improve representativeness in decision-making circles by signing a pledge, already signed by 230 candidates:

Write to your candidates to change finance


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