Corporate Europe Observatory

Exposing the power of corporate lobbying in the EU

  • Dansk
  • NL
  • EN
  • FI
  • FR
  • DE
  • EL
  • IT
  • NO
  • PL
  • PT
  • RO
  • SL
  • ES
  • SV

New ECB President must leave private bankers' lobby group

Brussels, 31 October 2011 – Campaigners today called on the new president of the European Central Bank, Mario Draghi, to cut his ties with an elite banking lobby group in order to protect the independence of the Central Bank.

Corporate Europe Observatory (CEO) said in an article published today that Draghi, a former vice chairman of Goldman Sachs International, should withdraw his membership from the Group of Thirty – an elite club of banking leaders from some of the world’s biggest banks.

The bank is open about its lobbying role, saying it delivers “recommendations directly to the private and public policymaking communities”.

But CEO argues that such close links between private banking interest and the European Central Bank are inappropriate at a time when the ECB is playing a central role in the outcome of the financial crisis and the eurocrisis.

CEO campaigner Kenneth Haar said:
“It is inappropriate and potentially dangerous for the head of the European Central Bank to put himself in a position where he can so easily be influenced by private sector interests. The financial crisis has made it very clear that the banks do not act in the interests of the rest of society – they are looking to make a fast buck – and they should nothave privileged access to the President of the ECB.”

The independence of the European Central Bank is seen as fundamental to its existence::
“Neither the ECB nor the national central banks (NCBs), nor any member of their decision-making bodies, are allowed to seek or take instructions from EU institutions or bodies, from any government of an EU Member State or from any other body.”  (Article 130 in the LisbonTreaty)
 
Read the full article calling for Mario Draghi to step down from the Group of Thirty here:
http://www.corporateeurope.org/publications/lobby-take-presidency-ecb-again

More information:
Contact: Kenneth Haar, kenneth@corporateeurope.org

 
A few weeks after the May coup against Dilma Rousseff by conservative parties backed by the country's largest corporations, Brazil's “interim” government, led by Michel Temer, signed an emergency loan to the State of Rio de Janeiro to help finance infrastructure for the 2016 Olympics. The bailout was conditional to selling off the State's public water supply and sanitation company, the Companhia Estadual de Águas e Esgotos (Cedae). 

When we interviewed City Councillor and chair of Rio’s Special Committee on the Water Crisis Renato Cinco, in December 2015, he was already warning against such privatisation threats and provided important background information on the water situation in Rio.

Never before has a former European Commission official been criticised as much for his post-EU career as ex-Commission president Barroso upon joining infamous US investment bank Goldman Sachs this summer. Citizens are outraged and evidence already points towards a gross violation of the EU Treaty.

Following the high-level appointment of former European Commission President José Manuel Barroso to Goldman Sachs, NGOs have launched a petition demanding stricter rules for ex-EU commissioners’ revolving door moves.

Corporate Europe Observatory's new report 'A spoonful of sugar' illustrates how the sugar lobby undermines existing laws and fights off much-needed measures that are vital for tackling Europe’s looming obesity crisis.

 
 
 
 
 
-- placeholder --
 
 
 

The corporate lobby tour