The Role of Civil Society in EU Financial Regulation

Abstract

A crucial and outstanding issue for the European economy and democracy.In March 2009, the European Commission recognized the need to put "the interests of European investors, consumers and SMEs at the centre of the financial markets reform”. The Commission therefore announced it will "ensure that the voice of European investors is much more strongly heard on all financial issues." However, three years later, the European Economic and Social Committee still reports that:"One of the reasons for the financial crisis was inadequate and ineffective regulation and supervision of the financial markets. One of the difficulties in financial regulation is how to ensure that differing and contradictory positions are given a balanced hearing. There is no effective counterweight to the legitimate representation of the financial sector's interests. Political debate primarily plays out between the legislator on one side and the financial sector concerned on the other."Despite the creation and the development of EuroFinuse since 2009 and of Finance Watch since 2011 (part 1), and despite the build-up of independent competence (part 2), the organized civil society still faces two major hurdles to become an "effective counterweight" to the financial sector in the European political debate: - resources (part 3),- and equal access (part 4) to the Public Authorities.