Call for Expert Help in Financial Regulation by the MEPs

This is both extraordinary and unusual. A group of MEPs has publicly complained of the pressure exerted by the financial and banking industry to influence the laws governing it (hat tip: Hajo Friedrich). The MEPs call on NGOs, trade unions, academic researchers, think-tanks, etc., to organize to create one (or more) non-governmental organizations capable of developing a counter-expertise on activities carried out on financial markets.

More, the declaration states that:

“In the U.S. the connections between Goldman Sachs and the government are known. But in Europe this proximity is by no means smaller.”

Although somewhat self-deprecating, this call should be taken seriously. The financial services sector is too important  to be governed by one-sided expertise.

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