CHANGE FINANCE TO CHANGE EUROPE
This petition had 8,745 supporters
TO THE CANDIDATES FOR EUROPEAN COMMISSION PRESIDENCY
Jean-Claude Juncker, EPP
Martin Schulz, PES
Guy Verhofstadt, ALDE
José Bové and Ska Keller, Green
Alexis Tsipras, EL
The most evident cause of the crisis that has been hitting Europe since 2007 is definitely the development model followed, 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 everyday life, and impossible to influence.
Now that the European elections are close, it’s important that candidates commit to take action to correct the distortions 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 are therefore asking the 6 following questions to political parties and their leaders, being aware that our future might well depend also from their answers:
1. What is your stance on the introduction, based in the proposal of the Commission dated 28th September 2011, of a “Tax on Financial Transactions” that could effectively contrast speculation in all EU countries?
2. What will you do to ensure the separation between banks that conduct risky financial activities and banks based mainly on the collection of savings, advocated by the Liikanen Report and recently addressed by the proposal of structural reform of the banking system promoted by the Commission on 29th January 2014? In this regard, do you think a complete legal separation between commercial and investment banks would be appropriate?
3. In focusing their investment strategy on financing projects with specifically social, cultural or environmental goals, European ethical banks 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?
4. What do you plan to do to oppose the “Tax havens”, a relevant source of the distortions that have caused the financial crisis?
5. Based on the work undertaken by the Commission with its Communication to the Council and the European Parliament dated 04th September 2013, what will you do to fight the “shadow banking system”, namely the kind of non-bank financial intermediaries that provides services similar to those of the ordinary commercial banks, but with approaches and modalities that tend to avoid the ordinary controls of the monitoring authorities?
6. What will you do, by way of integrating the European Market Infrastructure Regulation (EMIR), to regulate the derivatives, in particular the non–regulated ones, that were among the financial products that caused the current crisis, and today still play a relevant role?
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