NFU News

Panel on representation of public interest in banking

How to improve the representation of public interest in banking was the topic of discussion at the Finance Watch conference on December 7. NFU’s Acting General Secretary Ella Sjödin was invited to participate in a panel on the conference.

The theme for the panel was to discuss the regulatory process and how it can be simplified and more transparent. Ella Sjödin highlighted that NFU shifted focus after the financial crisis and directed all its resources to working at EU level. This has led to a good dialogue with EU institutions and impact on banking regulation.

Ella Sjödin also emphasized the expertise and knowledge of civil society and trade unions always should be taken in to account, as regulation have a direct impact on employees and consumers. EU institutions and Supervisory Authorities should therefore recognize civil society as an asset.

The representative from the European Commission, DG FISMA agreed with Ella Sjödin, stating that they do see civil society’s input as valuable. He also acknowledged that the consultations sometimes can be highly technical and complex. He stated that the Commission now has tried to make the consultative process more user-friendly to increase possibilities for civil society to make their voices heard. This is a welcomed initiative by NFU, but it remains to be seen how it will be carried out in practice.

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