Regulate Global Finance Now

Regulate global finance now!

The global financial crisis is affecting every aspect of our lives, threatening jobs, savings, pensions and public services everywhere.

Today’s crisis is not just another economic downturn. We are living through a systemic crisis, which has had devastating consequences across the globe: a crisis in the unregulated global financial market system that sacrificed long-term investment, jobs, wages, environment and the well being of the planet and its people, for the benefit of a minority. This crisis must be the trigger for a wholesale reform of the global economic order. We have an opportunity to transform the financial status quo. A new paradigm is needed which privileges sustainable development and social justice, not profit for profit’s sake.

Financial reform: Europe is not on the right track!

The financial reforms which have recently been undertaken in Europe are fragmented and have limited scope. EU proposals so far are limited and fall short of what is needed to shape a sound financial system. There is an obvious lack of political will, and some recent short term improvements on financial markets are being used by certain European leaders to avoid legislation, and go back to “business as usual”. That will only lead to increased job losses and new crises. It is simply unacceptable to put citizens at further risk. We must stop this.

Let’s take action!

It’s time for citizens around Europe to raise our voices and demand that the fundamental causes of this crisis be addressed -- we need tough rules to stop the financiers’ folly, and a new framework that better serves the public interest. The unregulated global financial market and economy must be subject to fair and transparent global governance. EU governments and the European institutions must put social justice and a new respect for the planet at the forefront of the debate on financial reform. That’s why it’s so important for Europeans to join forces for financial reform.

Europeans for financial reform

Europeans for financial reform is a coalition of progressive forces, ranging from NGOs to Trade Unions, citizens, academics and progressive politicians, that have come together to spearhead a campaign for real reform in our banking and financial system. The campaign was launched on September 21st 2009, and the coalition is growing, with new members joining our campaign every day (http://europeansforfinancialreform.org/en/user/register).

Our pledges are:

· FINANCIAL MARKETS CANNOT GOVERN US!

o Establish democratic governance over financial markets.

o Regulate all financial players; regulate bonuses!

· OUT OF THE SHADOWS!

o Transparency in the whole system, the touchstone of accountability.

· WORKERS FIRST!

o Protect workers and jobs from predatory practices

· MAKE TAX WORK!

o Protect public finances, shut down tax havens

· STOP SPECULATION!

o Sustainable finance for sustainable jobs, and Financial Transaction Tax.

· RESPONSIBLE BANKING FOR HOUSEHOLDS AND BUSINESSES!

o Banks need to serve customers and support businesses

We are committed to a common goal: reforming the financial markets, so that they serve the real economy and jobs. The crisis has shown how the financial sector became divorced from the needs of the real economy and real value creation. Radical reform of the financial sector is now of fundamental importance if we want to re-establish its proper role at the service of citizens and businesses and prevent such a crisis ever happening again.

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  • Credit Rating Agencies
  • Stop food speculation! Now!
  • Managing future crises
  • A Financial Transaction Tax, now!
  • OTHER REGULATORY ISSUES IN THE SPOTLIGHT

Spotlight

John Monks, General Secretary of the European Trade Union Confederation (ETUC), addressed the World Economic Forum, meeting in Davos from 27 to 31 January.
Alejandro CERCAS: "Los paraísos de los pobres son el infierno de los ricos"
S&D Euro MPs today welcomed the European Commission's plan to establish a central authority and a European resolution fund for rescuing failing banks.
Sandra PETROVIĆ JAKOVINA: "Tax havens are harmful mechanisms which provide unjust escape for the wealthiest and the most powerful people from their obligations to the society.''
S&D Euro MPs today backed calls for a fundamental shake up of the structure of the EU banking sector.
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