The power of democracy against the power of finance

All over Europe, youth climate strikers are hitting the streets of cities and pushing to exit our brown,...

#NoMoreCrises: Unkept Promises of Reform

The true cost of the 2008 crisis As authorities only just prevented a 2023 repeat of the 2008...

Still Going Round in Circles: The Revolving Door Between Banks And Their Regulators

The European Banking Authority (EBA) is one of the most important organisations overseeing rules and setting technical standards...

DeFi vs. TradFi: как регуляторы реагируют на децентрализованные финансы?

Финансовый мир стоит на пороге революции: с одной стороны — традиционные финансы (TradFi) с их вековыми институтами, строгим...

Caritas France joins the fight to re-regulate finance

Regulating finance is a necessity for all The power of financial markets in shaping our societies wouldn’t be...

Better regulation: Why more stakeholder involvement benefits some more than others

The Better Regulation package proposed by the Commission on 15 May 2015 is a response to President Juncker’s...

12 propositions for reforming our financial system

12 propositions for reforming our financial system (See also the original version in German) The importance of the...

The stage is being set for another financial crisis

2008: A Crisis We Should Have Learned From In 2008, the world experienced the worst financial crisis since...

Basel III finalisation comes undone: A proposal that lets down citizens and backtracks on global agreements

Overview The global regulatory framework agreed by the Basel Committee on Banking Supervision in December 2017 (Basel III),...

Representation of public interest in banking #0 – Introduction: A contribution to shaping a vision for the future of banking in Europe

The essential nature of some of the core functions of banks combined with the enormous potential costs of...

New trade deals restrain governments on financial regulation

Ten years after the 2008 crisis, we are still not protected from new financial crises. Yet, the CETA...

Representation of public interest in banking #1 – The major contribution of the workshops in the research

When we first started with the idea of our research project on the representation of public interest in...

The so-called “science” of economics could not care less about forecasting crises

A crisis is a sudden degradation: it becomes systemic when it affects an entire system – which system?...

Finance Watch’s view on the COVID-19 Banking Package

OUR ANALYSES OF THE CORONAVIRUS CRISIS: The COVID-19 Banking Package: More flexibility in the EU’s banking rules On...

ENLIGHTEN: European legitimacy in governing through hard times

Over the last five years the European Union has faced financial crises, acute imbalances, problems of macro-economic coordination,...

Hiding in Plain View: Why economists can’t see the obvious coming

The meteor that wiped out the dinosaurs 65 million years ago was not a “Black Swan”. It was...

Should we close financial markets?

Financial markets have had two main characteristics since the start of the coronavirus crisis: they have dropped sharply...

Blocking complexity – how complex regulation blocks public interest representation

Banking regulation in Europe and around the world is dominated by technical and expert rule-making and enforcement. In...

Hypertrade Crypto: Democratizing Algorithmic Trading for the Digital Asset Era

The cryptocurrency market operates at a relentless pace, a 24/7 global arena where volatility is the only constant....

The last stretch: reaping the benefits of the sustainable finance framework

In 2018, as part of the European Green Deal, the European Commission presented an EU action plan on sustainable...

The Better Regulation restaurant

Setting the table for Better Regulation?

When Frans Timmermans presented the Better Regulation Package in May, he used the analogy of refurbishing a kitchen. He said it is not important for those who eat a meal how the kitchen is furnished but rather how the food tastes in the end. Sticking to this metaphor, we want not only that the food tastes good but also that each and every one can afford a meal and has a place at the table.

Who is the waiter, who is the cook?

Vice President Timmermans mentioned repeatedly that stakeholders often complained about the administrative burdens and the complexity of EU legislation. One of the most important groups of stakeholders according to the Vice President are the Small and Medium Sized Enterprises (SMEs). Just as in President Juncker’s ‘Jobs, Growth and Investment Package’ SMEs enjoy the privilege of having the highest priority (‘Think Small First’ principle) in the Better Regulation Package whereas the concerns of civil society and other stakeholder groups have not been mentioned in particular.

One of the main reforms in Mr Timmermans’s package is the establishment of a ‘Regulatory Scrutiny Board’ consisting of three members from the European Commission, three ‘independent’ experts and a chairperson. The board will be able to scrutinize new legislative acts and also existing legislation. SOLIDAR is specifically concerned by the foreseeable isolation of the Council and in particular the European Parliament when it comes to scrutiny. The members of the Scrutiny Board should not only have a say on what will be cooked in Mr Timmermans’ kitchen but will also decide on how the meals will be prepared.

The (solvent) customer is king

Vice President Timmermans also announced the installment of a platform, where representatives will have the opportunity to actively participate in consultation processes concerning planned REFIT actions to optimize EU regulation. We are concerned that this will further increase the influence of corporate lobbyists.

In Vice President Timmermans’s restaurant the most solvent customers not only get the better tables but may also have a say on what they want to have on the menu. An inclusive, European restaurant should serve meals that are affordable and digestible for everyone.

Some restaurant critics are just not right

We are concerned about Vice President Timmermans’s statement that he “is not angry about Eurosceptics but about the fact that they are right in many cases”. Self-criticism and the willingness to improve one’s work are very welcome, but wrong critics can’t lead to right politics. Civil society organisations like SOLIDAR criticize the Commission’s work in a constructive way by calling for an inclusive Europe, whereas Eurosceptics use populism to evoke fear and further drive the people away from the idea of European integration.

For SOLIDAR, Better Regulation does not mean deregulation, but improving the legislature in regard to European treaties, our basic, common values and the Fundamental Rights and therefore should be beneficial for everyone.


Source: https://www.finance-watch.org/blog/the-better-regulation-restaurant/

Inline Feedbacks
View all comments
guest