Brussels/Berlin, 12 September 2018 – Today’s official launch of the new German non-profit organisation “Bürgerbewegung Finanzwende – Finance Watch Deutschland” sends a strong message to policy makers ten years after the outbreak of the financial crisis. Since financial reforms were only marginal and finance is still not serving society, experts from business, academia and civil society call upon German citizens to join the new movement “Finanzwende” as of today.
The movement asks the German Finance Ministry, amongst others, for an effective leverage ratio for banks, a real financial transaction tax instead of a minimum stock exchange turnover tax, as well as independent financial advice which is not commission-driven.
The German MP Gerhard Schick, who resigns from his political mandate, will lead the organization and start working with his team in Berlin as from today. He said:
“Regulatory efforts since the crisis have too often been watered down or completely thwarted because the financial lobby is still overpowering. Today, financial reforms are even not on the agenda of the new German government anymore. People do not accept that! We want to give those people a voice and represent their interests.
Finance Watch, which has become a respected expert in Brussels, will help us to do so with its expertise and international network.”
The Brussels based non-profit organisation Finance Watch supports the creation of Finanzwende as part of its international Finance Watch network of which Finance Watch in Brussels is the center. All members of the network share the same vision that finance should benefit everyone by bringing capital to productive use and without causing detriment to society as a whole and advocate for a sustainable, stable, robust and socially just financial industry in the interest of the common good.
Finance Watch’s Secretary General, Benoît Lallemand, said:
“Since our creation in 2011, we have seen that we can only achieve financial reform and sustainable finance, when advocacy and communication towards policymakers and the wider public are conducted in a coordinated manner at the European and the national level.
“We are extremely pleased to welcome Finanzwende as the German part of the international Finance Watch network. We will provide mutual support, exchange information and experience and work on joint campaigns.
“Ten years on from the crisis, a Change Finance movement is growing at global and national level: this should provide hope for citizens who are looking for credible alternatives to 30 years of financialization”.