The campaign 'Regulate Global Finance Now!' was unveiled in Brussels together with a new website by the heads of the organisations that formed the 'Europeans for Financial Reform' coalition.
Beginning with the G20 summit in Pittsburgh, where the campaigners will be joined by their American counterparts (Americans for Financial Reform), the coalition will attempt to channel the momentum that has gathered around financial reform towards "transforming the financial status quo".
The regulation of bankers' pay and bonuses, new democratic corporate governance and a global tax on financial transactions are just some of the measures that the coalition promises to demand from leaders later this week in Pittsburgh.
Speaking during the launch of the campaign, Poul Nyrup Rasmussen, PES President and co-Chair of the Global Progressive Forum, said “Europeans for financial reform will give voice to the outrage of citizens across Europe and demand to regulate global finance now. European and world leaders need to act at this week’s G20 - if they don’t we risk new financial crises in future.”
John Monks, General Secretary of the European Trade Union Confederation, said “Our global economic system has suffered a heart attack, albeit not a fatal one, because of the behaviour of its financiers. We must ensure that they will not be allowed to resume ‘business as usual’”
Conny Reuter, General Secretary of Solidar, said “We have seen EU governments having to close down schools and hospitals as a result of the crisis. That is the immediate result of lack of regulation. We now need to contribute to a large campaign, which will include civil society, to regulate finance”
Bernadette Ségol, Regional Secretary of UNI Europa, said “the business culture and business practices in companies must be changed. The underlying principle must be that these practices ensure the long-term sustainability and profitability of a company and decrease systemic risks in the finance industry“.
The Foundation for European Progressive Studies was represented by its General Secretary Ernst Stetter, and the Global Progressive Youth Forum was represented by Jana Besamusca, ECOSY Secretary General.
The campaign has launched a website and invites citizens and organisations to join the movement for reform. You can find out more at http://europeansforfinancialreform.org
Read about the campaign launch on the following sites: