Sven Giegold

For a sustainable, fair and stable financial system: vote Greens!

Those who want to regulate banks effectively and efficiently and stabilise the financial markets sustainably: Go and vote for the Greens in the European elections on 26 May. The non-for-profit and non-partisan non-governmental organisation Finance Watch has compared the reform proposals of the eight parliamentary groups in the European Parliament. In all four areas, the Greens/EFA group scores highest: (1) stabilising the financial system, (2) to democratise the financial institutions as well as financial policy making, (3) redirecting capital to a sustainable economy and (4) preparing for future financial crises. For the rating, Finance Watch examined the political groups‘ commitments to a fair financial system. To this end, Finance Watch analysed the election programmes as well as strategy papers, resolutions and other documents submitted by the political groups.

Sven Giegold, Spitzenkandidat of Bündnis90/Die Grünen for the European elections in 2019, explains:

„To tackle the problems of oversized, overly complex and overly networked credit institutions, Europe urgently needs to separate the financing of investment and retail banking. We best serve financial stability with hard rules that are yet as simple as possible. These include a risk-unweighted leverage ratio of 10% as well as tough requirements to limit risks from shadow banks. If the financial system is to serve society again, we urgently need to make it more stable and redirect capital flows towards environmentally and socially responsible lending and investment.

In the legislative process that has just come to an end, we have pushed the EU Commission forward and also achieved improvements: Small and low-risk banks such as many savings banks and cooperative banks will be noticeably relieved of the flood of bureaucracy. Regional development banks will be freed from unnecessary demands. Following an initiative of us Greens and the Social Democrats large and listed institutions have to publish their ecological and social risks in the future. With the support of the other political groups, we are strengthening the fight against money laundering in the banking union. The macroprudential framework is becoming clearer and sharper. We will protect small private investors better from losses due to bank bankruptcies.

But even after the recent reform of banking rules, some European banks are still holding too little capital. A truly fundamental reform of the financial system has not taken place since the 2007/08 financial crisis. Our financial system is still unstable and does not promote sustainable economic activity enough. The promise never to spend more taxpayers‘ money on bank bailouts has not been kept. Our Green proposals for a fair financial system are on the table. But all too often the EU Member States, as well as the majority of MEPs, have lacked the courage for more ambitious and truly European rules. Therefore, we will continue to fight for a stable, sustainable and equitable financial system in Europe over the next five years“.

Finance Watch citizens guide for a fair financial system:

Finance Watch Press release on ranking of the political groups in the European Parliament:



Hinweis: Dieser Blogbeitrag wurde innerhalb der letzten 6 Wochen vor der Europawahl 2019 veröffentlicht. In diesem Zeitraum wurde die Homepage und die zugrunde liegende IT-Infrastruktur aus Wahlkampfmitteln und nicht aus dem Parlamentsbudget finanziert.

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