November 10, 2009

To forge proposals on financial regulation, the European Commission continues to rely on the advice of financial expert who have vested corporate interests, especially from the City of London, EU lawmakers are claiming.MEPs have endorsed a report by the think tank Alter-EU, which has analysed the make-up of the European Commission’s financial expert groups, people invited to advise the Commission on financial matters.

The report concludes that large private banks and insurance giants have dominated the Commission’s thinking before and after the onset of the financial crisis.The finance industry is investing its time and money in helping devise financial regulation, Poul Nyrup Rasmussen, the leader of the Party of European Socialists and former Danish prime minister, said at a conference backing the transparency lobbyist’s report.