Can Consumers & Taxpayers Be Saved From The Bonus-Crazed Financial Sector?

Publication date: 
vendredi, April 6, 2012
Ian Fraser
Media title: 
Economy Watch

[I]t emerged in 2009 that the Internal Market Directorate General had been "totally captured" by the financial sector. The extent of the infiltration became apparent after ALTER EU published a report, which revealed that the then acting commissioner, Charlie McCreevy, had effectively outsourced law-making to the vested interests.


Legislative programs that are currently going through the Brussels and Strasbourg mill include MiFID II, Solvency II, the European Market Infrastructure Regulation (EMIR), programs for Packaged Retail Investment Products (PRIPs), UCITS, the insurance mediation directive, mortgages, bank fees, access to bank accounts, and account mobility. In every case [Commissioner] Barnier stressed that the Commission is determined to ensure that input is received from “all stakeholders and especially from consumer organisations.”

“It is obvious that civil society must have its say on these issues. This is essential if we want financial regulation and financial industry to serve society and the real economy.”

Expect the squeals of complaint from the Square Mile [the financial lobbyists of the London 'City', red] to intensify!