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Mar 05, 2009

EU banks on insiders to fix the financial crisis

by PhilLee — last modified Mar 05, 2009 12:25 PM

European leaders handling the economic downturn are relying on the advice of a committee dominated by financial industry insiders implicated in the current crisis.

cowboy sheriffOn February 25, Friends of the Earth Europe, in conjunction with Corporate Europe Observatory, SpinWatch and LobbyControl, protested against the fact that an EU committee, set up to advise European leaders on the economic crisis, is largely made up of financial industry insiders.

Activists dressed as sheriffs made their protest outside the European Commission by carrying 'Unwanted' posters with pictures of the 'cowboy' bankers who make up the committee.

 

Paul de Clerck of Friends of the Earth Europe said:

 

"Most of these guys have acted like wild cowboys. They have brought misery to millions of people. Their one-sided advice is not wanted. They are part of the problem, not part of the solution. The Commission should not rely on a group with such close ties to the financial industry."

unwanted posterThe protest was in support of a new report, entitled 'Would You Bank on Them?', which examines the track records of the committee members and argues that, instead of repeating mistakes of the past, the European Commission should investigate how financial industry lobbying contributed to the present crisis, and employ entirely new consultation methods.

Read the full report here