Last update: 15/05/2014

APPEAL TO THE CANDIDATES FOR THE EUROPEAN ELECTIONS 2014

Tuesday, 4 March, 2014

The most evident cause of the crisis that is hitting Europe since 2007 is definitely the kind of development undertaken, since the early ‘90s, by the world of global finance.

The financial markets developed in an uncontrolled manner, but this wouldn’t have been possible without permissive and compliant laws and political decisions: in the past 20 years finance has gradually prevailed over politics.

In addition, citizens often feel powerless in the face of such global evolutions, mere “spectators” of processes that are apparently far from the everyday life, and impossible to influence.

Now that we are close to the European elections, it’s important that candidates commit to take action in order to correct the distortion in the financial system, restoring the primary role of politics. Only a clear message in that direction will allow citizens to gain new confidence in politics and vote with greater awareness.

We therefore ask to political parties and their leaders 6 questions, being aware that our future depends also from their answers:

 

  1. How will you intervene in the process, started with the proposal of the Commission dated 28th September 2011[1], concerning the introduction of a “Tax on Financial Transactions” that could be effective in tackling speculation in all EU countries?

 

  1. What will you do to ensure the separation between banks that conduct risky financial activities and banks based mainly on saving collection, advocated by the Liikanen Report and recently addressed by the proposal of structural reform of the banking system promoted by the Commission on the 29th January 2014[2]? In this regard, don’t you think a complete legal separation between commercial and investment banks would be appropriate?

 

  1. In focusing their investment strategy on financing projects with specifically social, cultural or environmental goals, European ethical banks[3] have for many years favored a sustainable and transparent approach to banking, always focusing on the support of real economy. What do you think about a specific acknowledgment of the role of these banks, also in the context of the Basel III regulation?

 

  1. What do you plan to do to oppose the “Tax havens”, a relevant source of those distortions that have caused the financial crisis?

 

  1. Based on the work undertaken by the Commission with its Communication to the Council and the European Parliament dated 04th September 2013[4], what will you do to fight the “shadow banking system”, namely that kind of non-bank financial intermediaries that provides services similar to the ones of the ordinary commercial banks, but with approaches and modalities that tend to avoid the ordinary controls of the monitoring authorities?

 

  1. Complementing the European Market Infrastructure Regulation (EMIR)[5], what will you do to regulate the derivatives, in particular the non–regulated ones, that were among the financial products that caused the current crisis, and today still have a relevant role?