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Corporate Europe Observatory: Leaked document shows EU is going for a trade deal that will weaken financial regulation (July 1st 2014)
Teaming up with "Wall Street"

In its attempt to put these conflicts at the centre of the negotiations, the EU has the full support of its 'domestic' financial sector - indeed the biggest European banks are exercising huge pressure - and the support of financial lobby groups and corporations in the US. The reason for this EU alliance with Wall Street is no mystery: the US banks see the EU initiative as another welcome opportunity to attack domestic regulation, and has teamed up with its European counterparts to pressure the US administration. Also, the financial sectors on both sides of the Atlantic want to eliminate differences in regulations which they claim are a `cost' that makes them less profitable, 'forcing' them to search for ways to escape the strictest rules by moving operations to the jurisdiction with the least costly - read weakest - rules.

Understandably, there seems to be no end to the enthusiasm in the financial lobby community for the EU's approach. Richard Normington, Senior Manager of the Policy and Public Affairs team at TheCityUK - a key British financial lobby group - has unreservedly promoted the Commission's approach, commenting that one of the Comission's policy proposals, "reflected so closely the approach of TheCityUK that a bystander would have thought it came straight out of our brochure on TTIP".

This formidable alliance between EU negotiators and the financial lobby, is now focusing on the long term option described in the EU proposal: regulatory cooperation 11 that will protect the financial industry against supposedly "costly" new regulations, and potentially undermine existing regulations as well through weakening them at the implementation stage.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Thu Jul 10th, 2014 at 04:18:03 AM EST
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