Why we shouldn't trust the EU's financial "wise men"
This report from CEO, SpinWatch, Friends of the Earth Europe and LobbyControl takes a critical look at the members of the High Level Group on the Financial Crisis (also known as the De Larosière Group), set up by the Council and the Commission to write recommendations for the EU's response to the financial crisis. Since even the Commission has now recognised that the lobbyists of financial corporations have exerted an undue influence on EU legislation, and that this "regulatory capture" has contributed to the crisis, the composition of the group is astonishing. Of the eight men in the group, four are closely linked to financial giants that played a major role in the crisis, such as Goldman Sachs and bankrupt Lehman Brothers; a fifth was responsible for the UK Financial Services Authority, who failed miserably in supervising British bank Northern Rock; a sixth is a fierce enemy of regulation; a seventh works for a company whose clients include major banks.
The authors conclude that the group will be another missed opportunity for a broad debate including independent experts, trade unionists and other stakeholders to find a proper response to the crisis.
