Committee for the Abolition of Illegitimate Debt

While sleeping, you would have missed seeing the political momentum shift from “we need to regulate shadow banking” seven years ago to “we need to promote shadow banking” today. It is a shift towards short-term growth and competitiveness at all costs, regardless of financial sustainability or risk for taxpayers.

We should not forget so quickly the lessons from the crisis:

• to promote traditionally-funded, local relationship banking instead of the kind of market-based banking that needed bailing out; and
• to ensure financial stability, which is a pre-requisite for sustainable jobs and growth.

This debate concerns all European citizens and should not be kept for insiders! Finance Watch and 28 other civil society organisations, including trade unions, consumer groups, development, and environmental NGOs and think tanks, have signed a joint statement to broaden the debate: Who will benefit from the Capital Markets Union?

This text is taken from Finance Watch last newsletter.