Committee for the Abolition of Illegitimate Debt

Like many other EU institutions, the European Central Bank Central Bank The establishment which in a given State is in charge of issuing bank notes and controlling the volume of currency and credit. In France, it is the Banque de France which assumes this role under the auspices of the European Central Bank (see ECB) while in the UK it is the Bank of England.

ECB : http://www.bankofengland.co.uk/Pages/home.aspx (ECB ECB
European Central Bank The European Central Bank is a European institution based in Frankfurt, founded in 1998, to which the countries of the Eurozone have transferred their monetary powers. Its official role is to ensure price stability by combating inflation within that Zone. Its three decision-making organs (the Executive Board, the Governing Council and the General Council) are composed of governors of the central banks of the member states and/or recognized specialists. According to its statutes, it is politically ‘independent’ but it is directly influenced by the world of finance.

https://www.ecb.europa.eu/ecb/html/index.en.html ) actively seeks external expertise for its policies: a total of 22 advisory groups provide ECB decisionmakers with recommendations on all aspects of EU monetary policy. As with other EU bodies, however, there is a hefty industry-bias in many of these expert groups.

 Out of 517 available seats across all groups, 508 have been assigned to representatives of private financial institutions. More than 98 per cent of advisors in these circles are therefore providing expertise with a touch of corporate spin.
 A mere 16 financial groups, including Deutsche Bank, BNP Paribas, Societé Générale, Citigroup and Unicredit, occupy no less than 208 seats.
 Among all 144 entities with seats in an ECB advisory group, 64 do not even have an entry in the EU’s lobby Lobby
Lobbies A lobby is an entity organized to represent and defend the interests of a specific group by exerting pressure or influence on persons or institutions that hold power. Lobbying consists in conducting actions aimed at influencing, directly or indirectly, the drafting, application or interpretation of legislative measures, standards, regulations and more generally any intervention or decision by the Public Authorities. register, the EU Transparency Register.
 The financial corporations supervised by the ECB command a comfortable majority of the posts as advisers: 346 – two thirds of the total.

Such figures raise the question of whether the membership in the ECB’s advisory groups is a covetable asset Asset Something belonging to an individual or a business that has value or the power to earn money (FT). The opposite of assets are liabilities, that is the part of the balance sheet reflecting a company’s resources (the capital contributed by the partners, provisions for contingencies and charges, as well as the outstanding debts). for the big private banks, where opportunities to influence programme decisions can come with multi-billion euro stakes for the industry.
There are clear risks hidden in these numbers. The report mentions several key political battles over financial regulations where the advisory groups of the ECB have emerged as straightforward platforms for financial industry lobbying. Examples include the Financial Transaction Tax, the Libor LIBOR
London Interbank Offered Rate An average rate calculated daily, based on transactions made by a group of representative banks. There are several LIBORs for some ten different currencies and some fifteen duration rates, from one day to twelve months. /Euribor EURIBOR
Euro Interbank Offered Rate The interbank rate used in the Eurozone. Established daily, it is the average of the transactions realised by a panel of the 57 most representative banks in the Eurozone. There are fifteen EURIBOR rates for terms ranging from one week to twelve months.

EURIBOR : http://www.euribor-rates.eu/panelbanks.asp scandal, and the Forex scandal.
In connection with the release of the report, Corporate Europe Observatory has sent a letter to the Economic and Monetary Affairs Committee (ECON), urging members of Parliament to mount pressure on the European Central Bank to adopt rules on the composition and the work of its advisory groups. Rules that would live up to the standards regarding the ‘expert groups’ of the Commission, recommended by the European Ombudsman and the European Parliament itself.

Source: https://corporateeurope.org/financial-lobby/2017/10/open-doors-forces-finance