Representation of public interest in banking #2 – Who is challenging finance? Examining the diversity of voices in the design of financial regulation

Defining what is the public interest in the regulation of banking and financial markets is difficult, as this...

The Better Regulation restaurant

Setting the table for Better Regulation? When Frans Timmermans presented the Better Regulation Package in May, he used the analogy...

Monitoring derivatives trading books in the current context of financial markets turmoil

OUR ANALYSES OF THE CORONAVIRUS CRISIS: Managing derivatives positions in a controlled manner requires that a number of...

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...

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...

Taking the state – solutions for a besieged democracy

Faced with the rise of populism in Europe, it’s all too convenient for national politicians  to lay the...

The insufficient role of EDIS in restoring trust in banks

Banks are uniquely prone to runs because they borrow short and lend long, creating a maturity mismatch in...

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...

Financial education; the what, the how, the why…

Financial education is on the agenda again. You probably know the sales pitch: customers who know about financial...

Plus de dérégulation de la finance ne soutiendra pas les PME

S’exprimant lors des « Conférences citoyennes » à Epinal le 17 avril dernier, Emmanuel Macron a réitéré sa proposition de...

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...

Accounting for influence: how the Big Four are embedded in EU tax avoidance policy

In this blog article, Corporate Europe Observatory’s Vicky Cann summarizes the findings of their new report “Accounting for...

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...

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,...

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...

#NoMoreCrises: Unkept Promises of Reform

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

Robert Jenkins’ partial list of bank misdeeds

Source: https://www.finance-watch.org/blog/robert-jenkins-partial-list-of-bank-misdeeds/

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...

Representation of public interest in banking #3 – What blocks public participation in banking?

The activities of Europe’s banks concern all of its citizens: almost everyone has a bank account (World Bank, 2014),...

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...

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