Newsletter : 2-10 November 2009
QUOTE OF THE WEEK
The big bonuses of financial firms continue to spur outrage on both sides of the Atlantic. "This indicates that banks have not learned their lessons from the global financial crisis, while among the taxpayers who bailed them out last year unemployment rates are still on the rise. We owe it to our citizens to set strict international financial regulations so this will no happen again". Pervenche Beres
THEY JOINED THE CAMPAIGN
SOMO has joined the Global Progressive Forum campaign "Regulate Global Finance Now!". Established in 1973, the Centre for Research on Multinational Corporations (SOMO) is a non-profit Dutch research and advisory bureau. SOMO investigates the consequences of Multinational Enterprises' (MNEs) policies and the internationalisation of business worldwide. Click to download "Deficits in EU financial reform".
To know more about SOMO, please click here.
To join the campaign as an individual, please register here.
TAKE ACTION !
It's time for citizens around Europe to raise our voices and demand that the fundamental causes of this crisis be addressed! That's why the Europeans for Financial Reform coalition has just launched its Call to Action.
Please click here to download the full Call to Action.
FINANCIAL REGULATION WATCHDOG
On November 3-4 2009, US President Barack Obama host the EU-US Summit on Afghanistan, Pakistan, Iran and the global economy. On November 3, Obama and Vice President Joe Biden met Swedish Prime Minister Fredrik Reinfeldt, European Commission President Jose Manuel Barroso, and the EU's foreign policy chief Javier Solana. On November 4, Secretary of State Hillary Clinton will host summit meetings with EU leaders at the State Department. The official conclusions of this meeting are available here.
On November 6 2009, the Alliance for Lobbying Transparency and Ethics Regulation (ALTER-EU) released its new report: A captive Commission - the role of the financial industry in shaping EU regulation. The research paper examines how before, during and in the wake of the worst financial crisis for a generation, the Commission chose to listen almost exclusively to the finance industry. Expert Groups – bodies set up to advise the Commission - which gave, or still give, advice on financial issues are overwhelmingly dominated by representatives from the financial industry, with scarcely any representatives from academia, consumer groups or unions. Case studies on key issues such as banking regulation, hedge funds, credit rating agencies, accountancy rules and tax havens show how the financial sector has been actively involved in designing the policies which contributed to recent financial instability. The European Union is now consulting the same experts on its plans to tackle the crisis. Read more here:
On November 4th, 2009, the CRIS Committee held its first exchange of views. The so-called CRIS Committee is a new special committee to deal with the Financial, Economic and Social Crisis. The Rapporteur, French socialist MEP Pervenche Berès, gave an introduction to the meeting and a lively discussion followed, with many members sharing interesting ideas, issues and perspectives for the committee’s upcoming work.
EVENTS TO COME
On November 10, the CRIS Committee in the European parliament will hold a Public Hearing on "The Financial Crisis: Causes, Consequences and Challenges" (15:00-18:30 in PHS, room P1A002, Brussels). At the same time, the ECON Committee in the European parliament will hold a hearing on the so-called Alternative Investment Funds Directive.
On November 10, the Finance Ministers will meet in the Framework of the European Council. They will discuss exit strategies from the support measures to the financial sector, and will hold an exchange of views on the follow-up of 29-30 October European Council, the follow-up of G20 Finance Ministers meeting on 6-7 November and sustainability of public finances. They will publish Council conclusions on better regulation (Reduction of administrative burdens) and taxation. Comments and official documents will be available on our website.