Sven Giegold
Member of the European Parliament – Greens/EFA Group

Speaker of the German Green Delegation

Mixed feelings

The last plenary week in Strasbourg before this year’s summer break was very intensive. This is why I would like to report back to you in a bit more detailed form. We took many important decisions, for example: Latvia’s accession to the Eurozone and the cut in the EUÄs budget. Personally, I worked hardest on […]

Financial regulation: Finally costs for payment services will decrease

Today the European Commission proposed new rules on Payment Services for the benefit of consumers and retailers. The package contains a reformed Payment Services Directive (“PSD2”) and a proposal for regulation on interchange fees for card-based payment transactions. Fees on debit card payments shall be limited to 0.2% of the value of the transaction. For […]

Single resolution mechanism: Save the banking union!

EU Commissioner Michel Barnier today presented his proposals for a European Single Resolution Mechanism (SRM) and a European resolution fund. The fund will be capitalised by financial institutions. The German government has repeatedly raised doubts concerning the legality of this EU mechanism. The Greens in the European Parliament commissioned a legal study that disproves these […]

Investment fund rules: Conservatives and Liberals stop better consumer protection

The European Parliament today voted to revise draft EU legislation on investment funds (the UCITS directive), with a total sector value of almost € 6.3 trillion in funds. The vote on the legislation, which is being shepherded through the European Parliament by Green draftsperson/rapporteur Sven Giegold, also includes provisions on remuneration and performance fees which […]

Finally a general approach by Council on MiFID: weak rules on food speculation

The European Council today formally adopted its negotiating position on the legislative package on markets in financial instruments (MiFID / MiFIR). The Commission published its proposal in October 2011 and the Parliament agreed on its position a year later. The Council kicked the MiFID can down the road for 20 month till they were in […]

Financial services: European Council delays necessary reforms

Important and necessary reforms are currently delayed by the European Council. After the heads of governments boasted with clear statements to impose a strong and effective regulation on the financial markets their reforming efforts lack progress. Many reform proposals by the Commission have been adopted by the Parliament years ago already but are still awaiting […]