February 27, 2009
A new report from Corporate Europe Observatory, entitled ‘Would you bank on them?’, tried to highlight the problems of privileged access and policy capture by vested interests that can result in flawed policies and regulations.
In the report, we examined whether the group’s members represent a range of stakeholders, or whether they are firmly tied to the financial services industry.
On 25 February, the De Larosière report itself was published. It listed the organisations and individuals that it had consulted during its eleven-day meetings. The list is illuminating in that it primarily features Commission insiders, central bankers and financial sector lobby organisations. There are no MEPs, unions or consumer organisations on the list.
Independently of the content of the report, which needs more time to be assessed, it is worthy to note that the European Parliament and civil society were completely sidelined in this process. The financial lobbies, which according to Commissioner McCreevy contributed to the crisis, have been given privileged access once more.