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:
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: