Finance Watch – new counterweight to industry lobbying
The Finance Watch initiative has been launched by members of the European Parliament to establish a counter-expertise of trade unions and NGOs as a response to the finance industry’s heavy lobbying.
In the MEP’s view, the asymmetry between the power of the industry’s lobbying activities and the lack of a counter-expertise grounded in trade unions and NGO’s poses a danger to democracy. The proximity of financial and political elites contributes to a unilateral attention to the argumentations of the financial industry, the initiative further states, and it hinders the ability of politicians to take decisions free from influences.
The Finance Watch initiative therefore aims at developing a counter-expertise on activities carried out on financial markets by the major operators (banks, insurance companies, hedge funds, etc …) and to convey effectively this analysis to the media.
The key elements of the Finance Watch initiative are:
– Establishing an ‘expert pool’
– Transfer expertise into lobbying (i.e. concrete amendments to legislatory proposals)
– Strengthen networks and coordination to increase levy
– Exploring fundraising opportunities
– Establish a Finance Watch organisation
To read more about the Finance Watch initiative, click here.