Today, the European Parliament voted to endorse Christine Lagarde as the new President of the European Central Bank. President-designate Lagarde will take up her new role at the beginning of November after formal appointment by the European Council. Lagarde will be the first female President of the European Central Bank Sven Giegold MEP, economics spokesperson […]
EBA Executive Director becomes bank lobbyist: Weak conditions do not resolve conflict of interest
The Board of Supervisors of the European Banking Authority (EBA) today issued conditions for the change of its acting Executive Director Adam Farkas to the Lobbying Association of Major European Banks (AFME). According to the agreement, Farkas will not be allowed to participate in AFME’s lobbying of the EBA for the first two years. Farkas […]
Green light for a permanent tax committee
Last night, coordinators in the Economic and Monetary Affairs committee of the European Parliament agreed to create a permanent sub-committee on tax and financial crime. The Conference of Presidents of the Parliament will now need to approve the sub-committee and the precise mandate has yet to be agreed. The sub-committee follows on from three special […]
EBA executive director shall become bank lobbyist: massive damage to banking supervision’s reputation
The Executive Director of the European Banking Authority (EBA), Adam Farkas, will join the Lobbying Association of Major European Banks (AFME) and become its CEO. Farkas had previously tried in vain to become head of the EBA. Most EBA staff learned of the imminent change through a media report (https://news.sky.com/story/top-eu-regulator-farkas-to-head-banking-lobbying-group-afme-11793826). MEP Sven Giegold, financial and […]
Major Green success: European Commission recommends revolution in combating anti-money laundering in the EU
While the newly elected Commission President Ursula von der Leyen is still busy with recruiting members for her college, the existing EU Commission outlined future priorities in the field of anti-money laundering (AML). The ne Communication ‘Towards a better implementation of the EU’s AML/CTF framework’ gives an overview of the four reports published this week […]
Online as of today: European Parliament sets new standard for lobby transparency
Since this afternoon, the European Parliament allows MEPs to publish their lobby meetings on the Parliament’s website. MEPs who co-author EU laws as rapporteurs, shadow rapporteurs or committee chairs are obliged to make their lobby meetings transparent to citizens. The rules, passed in the European Parliament on 31 January in a tight and fiercely contested […]