Newsletter : 9-16 November 2009
QUOTE OF THE WEEK
“The IMF, which has been asked to make recommendations on this, has traditionally opposed such a tax and now seems to be steering the G20 towards a weak option which would not generate many funds nor make banks help to pay for the crisis they caused,” said John Evans, General Secretary of the OECD Trade Union Advisory Committee.
THEY JOINED THE CAMPAIGN
IG Metall (German: Industriegewerkschaft Metall, "Industrial Union of Metalworkers'") is the dominant metalworkers' union in Germany. Analysts of German labour relations consider it a major trend-setter in national bargaining. As a metalworkers' union, it represents workers in the motor vehicle industry. Significantly, IG Metall represents both blue- and white-collar workers. IG Metall decided to join the Europeans for Financial Reform coalition to campaign for financial regulation.
More: http://europeansforfinancialreform.org/en/partners
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.
You can already sign up here:
http://europeansforfinancialreform.org/en/petition/regulate-global-finance-now
Please click here to download the full Call to Action:
http://europeansforfinancialreform.org/en/system/files/CALL_TO_ACTION.pdf
FINANCIAL REGULATION WATCHDOG
On 10 November 2009, the ECOFIN Council adopted its conclusions. European Finance Ministers meet once a month at the Occasion of "Ecofin" Meetings. Ecofin Meetings are Meetings of the Council of the European Union, and are therefore chaired by the presidency of the EU. The Council adopted conclusions on:
• The Solvency II directive, setting new solvency rules for insurance companies so as to increase integration and enhance the competitiveness of the EU insurance industry, and to strengthen the protection of policy holders and beneficiaries.
• Adoption of the text follows an agreement with the European Parliament in first reading. The Council agreed to a general approach on strengthened capital requirements and remuneration policies in the banking sector.
• It approved new rules for excise duties on cigarettes and other tobacco products, raising minimum duties on cigarettes whilst bringing the minimum rates for fine-cut tobacco gradually into line with those for cigarettes.
• The Council also adopted conclusions on the sustainability of public finances, in the context of the current reflection on exit strategies, on statistics and on the reduction of administrative burdens on companies.
You can download the conclusions adopted by the Council here:
http://europeansforfinancialreform.org/en/events/economic-and-financial-affairs-council-0
ITUC and TUAC published their evaluation of the G20 Finance Ministers’ meeting in St. Andrew, UK. With regard to financial reform, the G20 Ministers made a welcome commitment to maintain the “momentum” of reforms and to continued efforts on ending tax havens. However, the brief section on financial regulation reveals a gap between the political level of the G20 process, which emphasises prompt delivery on financial re-regulation as a matter of public accountability and democracy, and the slow pace and to some extent impotence of the institutions that are in charge of the implementation, as seen in the recent reports prepared by the FSB and IMF. Now, more than ever, political momentum for change and for regulation of global finance must be supported and should not wane. ... ".
Full article : http://europeansforfinancialreform.org/en/news/ituctuac-evaluation-g20-finance-ministers-meeting
A call by UK Prime Minister Gordon Brown for a global tax on financial transactions received some support in Brussels on Monday 9 November. French finance minister Christine Lagarde came out in support of Mr Brown by saying the proposed tax would be a "very good thing."
Read full article: http://europeansforfinancialreform.org/en/news/financial-transaction-tax-rears-its-head-once-again
To know more about the financial transaction tax and check our list of FTT supporters on the European scene: http://europeansforfinancialreform.org/en/node/122
The creation of a financial transaction tax is one of the core demands of our Call to Action. Sign up here: http://europeansforfinancialreform.org/en/petition/regulate-global-finance-now
EVENTS TO COME
18 November: The Council is expected to reach an agreement on its second reading of the draft general budget for the financial year 2010, following the usual conciliation meeting with the European Parliament. The main points for discussion are the financing of the second part of the European Economic Recovery Plan and the total amount of the payment appropriations. The Council will also take note of the Annual Report for 2008 by the Court of Auditors.
More: http://europeansforfinancialreform.org/en/events/economic-and-financial-affairs-council-budget-0
18 November: Since May 2009, FEPS has been holding a European-wide debate on economic recovery and the different proposals for a sound and effective policy. After a dozen seminars, this wrap-up conference will bring together all those who contributed to the discussion around Poul Nyrup RASMUSSEN, Joaquim ALMUNIA, Martin SCHULTZ.
More: http://europeansforfinancialreform.org/en/events/wrap-conference-economic-recovery-plan-cycle